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The Single Eco project in West Africa raises new issues regarding policy mix management, that is, how to achieve macroeconomic stability through the optimal combination of monetary and fiscal policies. The urgent task is to determine the most suitable exchange rate regime, interest rate structure, and desirable level of the monetary base to ensure that the growth trajectories of the 15 poorest countries are compatible with an improvement in their populations’ living standards. Accordingly, the obstacles to be overcome during the transition to the single currency should not be overlooked, such as whether structural divergences between countries should be reduced before or after the currency is created and whether the zone should be pegged to an international currency.

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Policy-Mix and Reaction to Shocks and the Eco Project: Would One Size Fit All?

  • 章节

  • 发表日期：

    2026年

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  • Gilles Dufrénot,
  • Kimiko Sugimoto

摘要

The Single Eco project in West Africa raises new issues regarding policy mix management, that is, how to achieve macroeconomic stability through the optimal combination of monetary and fiscal policies. The urgent task is to determine the most suitable exchange rate regime, interest rate structure, and desirable level of the monetary base to ensure that the growth trajectories of the 15 poorest countries are compatible with an improvement in their populations’ living standards. Accordingly, the obstacles to be overcome during the transition to the single currency should not be overlooked, such as whether structural divergences between countries should be reduced before or after the currency is created and whether the zone should be pegged to an international currency.