This paper proposes a quantitative assessment of the welfare effects arising from the Common Monetary Area (CMA) and an array of broader grouping among Southern African Development Community (SADC) countries. Model simulations suggest that (i) participating in the CMA benefits all members; (ii)...

Drawing on the recent literature and experience on monetary integration in Europe, the paper examines the rationale for establishing regional currency unions in Western Africa. Despite dramatic economic, political and historical differences between the two regions, the analysis indicates that...