This chapter highlights key shortcomings and failures of Europe's Economic and Monetary Union - essentially the most advanced case of regional integration in the world, inspiring numerous other initiatives including among developing countries, but fatally flawed and limited. The European...

Central banks in Africa are changing as the continent becomes increasingly integrated with the global financial system. This paper summarises the four important challenges that were analysed at meeting on the topic held at the BIS in Basel on 11-12 May 2013, namely (i) pan-African banking, (ii)...

This paper begins with a brief review of Africa's financial depth, followed by an analysis of cross-border integration of banking flows. The impact on monetary policy transmission mechanisms of the integration of the African continent with the global financial system is subsequently analysed....