On April 20, 2000, in Accra, Ghana, the leaders of six West African countries declared their intention to proceed to monetary union among the non-CFA franc countries of the region by January 2003, as a first step toward a wider monetary union including all the ECOWAS countries in 2004. The six countries (71) themselves to reducing central bank financing of budget deficits (72) 10 percent of the previous year’s government (73) ; reducing budget deficits to 4 percent of the second phase by 2003; creating a Convergence Council to help (74) macroeconomic policies; and (75) up a common central bank. Their declaration (76) that, "Member States (77) the need (78) strong political commitment and (79) to (80) all such national policies (81) 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 (82) a broader integration process that would include enhanced regional trade and (83) institutions. In the colonial period, currency boards linked sets of countries in the region. (84) independence, (85) , these currency boards were (86) , with the (87) of the CFA franc zone, which included the francophone countries of the region. Although there have been attempts to advance file agenda of ECOWAS monetary cooperation, political problems and other economic priorities in several of the region’s countries have to (88) 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 (89) in Nigeria, the largest economy of the region, raising hopes that the long-delayed project can be (91) .

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