@article{Kuteesa:148956,
      recid = {148956},
      author = {Kuteesa, Annette},
      title = {East African Regional Integration: Challenges in meeting  the convergence criteria for monetary union},
      address = {2012-06},
      number = {677-2016-46683},
      series = {Research Series},
      pages = {19},
      year = {2012},
      abstract = {The realization of a successful monetary union among EAC  partner states depends upon a
sufficient degree of  convergence of partners economies to established criteria.  Gathering but
scattered research has begun assessing the  various benchmarks for this characteristic. This
work  integrates and synthesizes the various findings of  literature with the view of providing a
general perspective  on how far the partner states have reached in meeting the  macroeconomic
convergence criteria and whether they have  met the precondition for ascending the union.
The review is  done with anticipation of uncovering the challenges  countries are encountering
in aligning the economies to set  criteria and what possible policy strategies exist to  overcome
these problems. Findings reveal that there has  been very limited convergence. Generally
countries remain  behind the staged indictors. Progress to the monetary union  is challenged
by the highly demanding criteria, lack of  exchange rate mechanism, obstacles to the common
market,  multiple memberships and many more. While countries might  have the option of
revising the benchmarks, efforts to  strengthen national economic growth, build  regional
capacities, harmonize policies related to the  monetary union, and correct constraints in the
common  market will enhance deeper integration and contribute  greatly to macro-economic
convergence.},
      url = {http://ageconsearch.umn.edu/record/148956},
      doi = {https://doi.org/10.22004/ag.econ.148956},
}