Regional Currency Unions
There are two existing regional currency unions in Africa, using the West African CFA franc, and the Central African CFA franc, respectively. Additionally, the Common Monetary Area links several countries in southern Africa based on the South African rand.
The African Union's plans for further integration encourage the development of more such regional unions as an intermediate step to full monetary union. One proposed union is the eco, a proposed currency for members of the Economic Community of West African States (ECOWAS).
Read more about this topic: African Monetary Union
Famous quotes containing the words currency and/or unions:
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—Sophocles (497–406/5 B.C.)
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