Should we think that EAC have no economists able to know conditions required for a single currency to be used by countries?

But in1960s there was single currency among Congo Kinshasa, Burundi and Rwanda and economists of that old time were able to understand this would not work. And , today's economists become unable, until they can take a lesson from UE problems! Umbeleivable.

To: jnmani03@yahoo.com
From: fondationbanyarwanda@yahoogroupes.fr
Date: Sun, 16 Nov 2014 18:24:51 -0500
Subject: [fondationbanyarwanda] EAC suspends plan for single currency - National - monitor.co.ug

http://www.monitor.co.ug/News/National/EAC-suspends-plan-for-single-currency/-/688334/2522464/-/3ei12u/-/index.html

EAC suspends plan for single currency

BOOKMARK

PRINTRATING

By Stephen Otage

Posted Saturday, November 15 2014 at 02:00

KAMPALA

The Governor Bank of Uganda has said East African heads of state have suspended the idea of creating a single currency until the region gets a common monetary framework.

While addressing the 10th Annual Meeting of the African Academies of Sciences in Kampala on Tuesday, Mr Emmanuel Mutebille said much as the heads of state were three years ago excited about creating a single currency, lessons learnt from the Euro-crisis indicated that for any common monetary framework to succeed, all the cooperating countries must have common fiscal policies so as to create a common central bank.

Lessons learnt
"We have learnt lessons from Europe that to have a common monetary framework for countries requires a common fiscal regime and without it, forget," he said.
He said the Euro-zone crisis resulted from the free determination of domestic policies due to lack of unifying economic policy.

"The East African presidents three years ago took a decision to have a common Central Bank but realised it may take up to 2025 to have a common EAC currency because they are not accepting common fiscal policies," he said.

Similar regional policies
He stressed that for the currency to be effective, it must be guarded by a single bank with similar policies across the region.

Mr Mutebille, who was responding to questions regarding the Central Bank's performance in the region informed the scientists that compared to other member states, the bank was doing fairly well because all prices in Uganda are determined by the market and the fact that the country is operating a free market economy yet maintaining inflation, shows there is something Uganda can boast about.

sotage@ug.nationmedia.com

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Envoyé par : JNepo <jnmani03@yahoo.com>

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