Learning from the Eurozone challenges: EAC Monetary Union negotiating team embarks on study tour of European Union
Supported by the EAC-GIZ Programme ‘Support to the East African Community Integration Process’, a delegation of 20 high-ranking officials and members of the High Level Task Force (HLTF) negotiating the EAC Monetary Union Protocol from EAC Partner States has left for a study tour to Brussels, Luxembourg, Frankfurt and Berlin to enhance the region’s understanding of the EU's economic and monetary union.
The delegation, which is led by EAC Deputy Secretary General Enos Bukuku, is visiting the relevant institutions of the European Union in Brussels and Luxembourg and of the German Federal Government in Frankfurt and Berlin. The itinerary leads them to the European Commission and the European Council in Brussels, the EU statistics office Eurostat in Luxembourg, the European Central Bank and the German Federal Bank in Frankfurt, and finally to the German Federal Ministry of Finance and the German Federal Ministry of Economics and Technology in Berlin.
During the tour they will study the formulation and conduct of monetary union policy in the Eurozone, the interaction between fiscal and monetary policies, the design of macroeconomic convergence criteria, and get a deeper insight of the surveillance and compliance mechanisms with regard to macroeconomic convergence in order to gain a better understanding of the prerequisites for a monetary union. Last but not least, they will discuss the current euro crisis and lessons to be learnt.
Currently the EAC Monetary Union talks are well advanced, with the High Level Task Force having negotiated more than half the number of articles in the draft Monetary Union Protocol between January and December 2011.
The EAC Summit of Heads of State has set a 2012 deadline for the conclusion of the Monetary Union Protocol.