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Southern Africa Currency Consolidation 'Inevitable'
Consolidation to one common currency has become a hot topic in the 14-nation Southern African Development Community.
Start Date: 2/10/99
The global trend toward currency consolidation has now become a hot topic in southern Africa. Following introduction of the euro currency for the European Union, and the beginnings of public discussion of a "dollar zone" in the Americas, a chief economist of the Southern African Development Community declared on February 4 that a common currency and central bank for the 14-nation region was "inevitable."
Felix Kani of the SADC pointed out that a "rand zone" already serves the four nations of South Africa, Namibia, Lesotho and Swaziland; and the French franc serves as common currency among several nations of west Africa. But soon, he said, "globalisation would lead the SADC... towards the harmonisation of macroeconomic policies, fiscal policy and the creation of a single Southern African central bank."
Other commentators weren't convinced that such a consolidation is in the works, however, because of the very large cultural and political differences among the numerous nations of southern Africa. "No magic blueprint is available," said Michael Laidler, the European Commission's ambassador to Pretoria. "It would be wrong to impose monetary union in southern Africa.... [F]rankly, there is a lot to be done before we can speak about convergence criteria."
Similar objections have been raised in the wake of a suggestion made in early January that Argentina and other Latin American states should adopt the U.S. dollar as their common currency. But the trend toward consolidation of currencies is beginning to look like an idea whose time has come. [GSReport thanks Diana Cammack for bringing this story to our attention.]
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