I n the run-up to the East African Monetary Union (EAMU), which is planned for 2024, fifteen senior officials from six EAC Central Banks and two officials from the EAC Secretariat participated in a study tour to the European, German, Belgian Central Bank, and other financial institutions of the European Union in July 2017. The participants studied the setup and experiences of monetary institutions in the Eurozone in order to draw lessons for the role of East African monetary institutions. Topics concentrated on how the Euro countries manage challenges such as the sharing of responsibilities among monetaryinstitutions,the formulation of monetary policy strategies, and measures in case of crises. The European experts underlined that the Euro had positive overall economic effects in most countries. Nevertheless, shortcomings and risks had to be clearly identified and discussed. One main message was that the benefits of the monetary policy cannot be achieved without a close coordination of fiscal and economic policies. The experience points to a clear division of responsibil- ities between central banks and national banks who are respon- sible for implementation. It also became clear that the EAC has to continue liberalisation with regard to the movement of goods, services, people and capital before the monetary union can be successfully implemented. The six Partner States committed to attain and maintain four con- vergence criteria for at least threeyears before the MonetaryUnion. 27 The East African Community Monetary Union Protocol was signed in November 2013 Paying with One Currency – Crossing European Borders East African experts exchange on monetary policies with Europe Dr Pantaleo Joseph Kessy, Head of Fiscal and Monetary Affairs Department, EAC Secretariat,Arusha The study tour of East African experts on East African Monetary Union (EAMU) to the relevant institutions in Europe was definitely the highlight of 2017. The study tour helped to understand the role of National Central Banks in the run-up to EAMU. (...) The study tour was extremely useful for the entire group of central bankers, as the roles of the different actors and division of tasks between the Central Banks and the Monetary Institute in the EU System became much clearer. During the trip, the senior officials from the EAC Central Banks and the EAC Secretariat managed to agree on the development of an action plan on how to move forward towards the creation of the East African Monetary Institute. Overall Deficit of 3% of GDP 4.5 Month Import Reserve Inflation of 8% or Lower Cross Public Debt 50% of GDP Convergence Criteria for EAMU | (No. of countries complying) P P P P P P P P P P P P