THE TRACK TO DEEP REGIONAL INTEGRATION: ARE THERE ANY TRAILS FOR ECOWAS?

Economic Community of West African States (ECOWAS) seeks regional economic and monetary integration like the European Union (EU), but the success recorded so far has been insignificant. In this book, some of the pros and cons of the steps for a successful regional integration process are examined. The analysis shows that ECOWAS' efforts under the OCA theory, namely the Mundell (labor mobility), Kenen (response to shocks) and MacKinnon (trade openness) criteria leaves more to be desired. Achievements under the political criteria of the OCA, particularly on solidarity with regional policies rather than national policies, can still be improved upon. Minimal possibilities of success were, however, recorded in the Maastricht criteria pertaining to price stability, durability and stability of convergence, while performance was below average in all areas of public finances. In order to achieve its aims, ECOWAS member-nations need to give regional initiatives, policies and programs precedence, create better awareness and ensure enhanced support by the citizens.