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West African countries declared their On April 20th, 2000, in Accra, Ghana, the leaders of six West African countriesdeclared their intention to proceed to monetary union among the non-CFA franc countries of the region by January 2003，as first step toward a wider monetary union including all the ECOWAS countries m 4. The six countries 36 themselves to reducing central bank financing of budget deficits to 10 percent of the previous years government 37 ； reducing budget deficits to 4 percent of the second phase by 2003； creating a Convergence Council to help 38 macroeconomic policies； and setting up a common central bank. Their declaration 39 that, “Member States 40 the need for strong political commitment and 41 to pursue all such national policies as would facilitate the regional monetary integration process.
The goal of a monetary union in ECOWAS has long been an objective of the organization»going back to its formation in 1975, and is intended to 42 broader integration process that would include enhanced regional trade and 43 institutions. In the colonial period，currency boards linked sets of countries in the region. On independence，however, these currency boards were dissolved，with the 44 of the CFA franc zone, which included the francophone countries of the region. Although there have been attempts to advance the agenda of ECOWAS monetary cooperation，political problems and other economic priorities in several of the region’s countries have to date inhibited progress. Although some problems remain,the recent initiative has been bolstered by the election in 1999 of a democratic government and a leader who is committed to regional 45 in Nigeria，the largest economy of the region,raising hopes that the long-delayed project can be revived.
