Monetary Unions of the 21st Century

Phenomena such as inflation and unstable exchange rates have a significant impact on the world economy. Overcoming these phenomena remains a major concern for the governments of countries of the world community, international economic organizations, and numerous academic economists. Therefore, issues related to the functioning of modern monetary unions such as the Economic and Monetary Union of the European Union (EMU), the West African Economic and Monetary Union (UEMOA), Central African Economic and Monetary Community (CEMAC), and the Eastern Caribbean Currency Union (ECCU) have become crucial. Aim. This study aims to examine the institutional structure and development of the ECCU, the UEMOA, and the CEMAC over recent years. Methods. This study uses general methods of scientific cognition. The works of foreign scientists serve as the theoretical basis of this study. Evaluation data from the International Monetary Fund serve as the statistical basis of this study. Results. A comparative analysis of the main economic indicators of the member countries of the unions mentioned above is performed. It is established that the ECCU member countries share a very similar economic structure, which is an important factor for the formation of a monetary union. Major problems in facilitating balanced economic growth of the member countries of monetary unions are identified, namely, the low level of integration processes, need for intensive development of the financial sector, more exhaustive implementation of fiscal policy, etc. The study concludes that in the examined monetary unions, cooperation is achieved in the broadest spectrum- in transportation, industry, energy, agriculture, natural resources, and culture. Elimination of customs barriers, the resolution of monetary problems, and creation of a single market for community members opens up very real prospects for the establishment of large enterprises. The same applies to the creation of common infrastructure (for example, road systems and access roads, ports, and airports).

валютный союз, интеграционные процессы, мировое сообщество, международный валютный фонд, международное сообщество, валютный курс, фискальная политика, monetary union, integration processes, world community, International Monetary Fund, international community, exchange rate, fiscal policy

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