EAC meets to discuss Euro Zone experience

Regional economic experts and policymakers are meeting in Arusha, Tanzania, this week, to reflect on the current crisis facing the Euro Zone as they chart the way forward for the East African Community (EAC)’s monetary union.The conference, which will bring together at least 100 delegates including top researchers and business leaders, was jointly organized by the EAC, the International Monetary Fund (IMF), and the Canadian International Development Agency. The meeting comes at a time when the G20 finance ministers are meeting in Mexico to promote economic stability and development, while seeking solutions to the Eurozone debt crisis. “The recent crisis in the Euro Zone is of key importance to policymakers charting the path toward greater economic and monetary union in the EAC,” an EAC statement reads in part.The Permanent Secretary in the Ministry of Finance, Kampeta Sayinzoga, is among the discussants at the conference, while the Deputy Director, IMF Fiscal Affairs Department Sanjeev Gupta, will share insights on how national budget policies should evolve in the run up to monetary union.University of Oxford’s Prof. Paul Collier, who has studied and written extensively about African economic issues, will talk about achievements and prospects for the EAC.In a session on ‘sustaining economic growth’ in the region, to be chaired by EAC Secretary General. Dr Richard Sezibera, IMF’s Cathy McAuliffe, will discuss what factors affect the prospects for sustained robust economic growth in the region.Rwanda’s central bank Governor, Claver Gatete, is also scheduled to discuss developments in EAC financial markets over the past decade, including progress toward greater market integration. Rogelio Morales, also from IMF, will also discuss recent work conducted for the EAC Monetary Affairs Committee on how national EAC monetary policy regimes could be harmonized to pave the way toward monetary union The proceedings of the two-day conference will be published into a book.

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EAC meets to discuss Euro Zone experience