Kolkata, West Bengal, India: The book “ECO-THE COMMON CURRENCY OF ECOWAS” has been written jointly by Dr. Debesh Bhowmik and Fitzgerald Witika with a view to justify the introduction of single currency in ECOWAS. The book consists of 8 chapters in which Fitzgerald Witika has written the chapters of 2,3,4, and 7 respectively and the rest chapters (1,5,6,8) have been written by Dr. Debesh Bhowmik. The chapters are as follows.
1]Introduction
2]Economic and monetary history
3]Theoretical literature of monetary union
4]Empirical literature of monetary union: Evidence from ECOWAS
5] ECO-the single currency of ECOWAS
6] Terms of Trade of Ecowas: An econometric study
7] Single currency of Africa and ECOWAS
8] Conclusion
Manoj Kumar Mishra, College of Business and Economics, Salale University, Fitche, Ethiopia, has written an excellent FOREWORD of the book.
The book explains the necessity of common currency for the bloc-ECOWAS (Economic Community of West African States) by studying the huge economic literature which endeavoured to clarify the pros and cons of introduction of ECO. It examined the Optimum Currency Area criteria for ECOWAS during the period from 1980 to 2021 which showed both favourable and unfavourable Beta and Sigma convergences. The process of trade integration and financial integration have favoured the progress of economic integration of the bloc, yet there are many barriers of social, political and economic indicators which were included in the book.
The terms of trade impact on trade balance, foreign direct investment and GDP per capita were scrutinised towards the goal for a single currency which is also justified by evidences and correlated with the single currency of Africa uniquely. The book is very useful to the researchers, policy makers and academicians who are really interested in ECO of ECOWAS.
In many African blocs, the process of monetary and trade integration especially in SADC, SACU, ECOWAS, ECCAS have been progressing too fast to be free trade zones and for issuing common currency towards the ultimate target of a single currency for Africa. The success of Euro for Euro Area is a concrete example to African blocs although there are many debatable economic issues in the mode of developmental path for the future of a single currency for a bloc.
ECO-the single currency for ECOWAS bloc has to run a long path to pave the way of success where political and social integration are necessary and urgent. The book “ECO-the common currency of ECOWAS” is an excellent example to the researchers who are fully interested to study the monetary integration as well as economic integration in context of international trade and finance especially in African continent in the world economy.
