The argument for monetary sovereignty in favor of the ECO is legitimate. Let’s be clear.
Having a monetary policy decided in Dakar rather than in Paris is a real step forward for Africa’s economic autonomy.
But history provides a harsh lesson: monetary sovereignty without institutional discipline can lead to disaster.
Zimbabwe had full sovereignty. It experienced inflation of 231 million percent.
Argentina too. It suffered massive, repeated devaluations.
Sovereignty is a legitimate right. Responsible exercise is the condition for its value.
#MonetarySovereignty
#eco #MonetaryHistory
#Gouvernance