Though I dont think they have to destroy all these countries' Banknotes,the Burundian franc, Kenyan shilling, Rwandan franc, Tanzanian shilling, and Ugandan shilling...they can still opt to have the Union Currency alongside our own country Bank notes..right?
I just hope some of these East African Euros dont mysteriously disappear in Billions after printing like those new TZ shillings which vanished in thin air last year (Rather Mysterious)
Random thought: Wouldnt it be ridiculous if All African countries formed one currency..The Afro! Get It? Euro ..Afro.. lol..wait..u dont get it do you? Scratch
"The creation of a Monetary Union can be seen as a fundamentally political issue, though with important economic implications. Currency unions are generally formed as part of a larger strategic push to integrate the countries entering such unions," Mr Mkwezalamba said, adding, "The decision to embark on a currency union is a major policy decision."
But is the region ready for the proposed union? Though a desirable move, analysts say the region should approach it cautiously. A unanimous argument is that the merger will create a more stabilised currency that will be less prone to inflationary pressures.
While a Monetary Union may improve the region's economic policies, stimulate growth and foster good governance, observers say questions remain unanswered on the feasibility of the proposed union.
"The objective of regional integration seems well founded, but it is unclear whether forming a monetary union will contribute greatly to it. A currency that is ill-managed and subject to continual depreciation is unlikely to stimulate pride or give member countries any clout on the world stage," says a report by the World Bank.
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