ABSTRACT
Introduction The lessons of experience suggest that the establishment of any properly functioning monetary union is a feat requiring, above all, time for full preparation. The experience of other monetary unions, especially the European Monetary Union and the Gulf Cooperation Council (GCC), vividly highlights the fact that formation of a monetary union is a long-term process, requiring both political will and culture of regionalism. In view of these all-important realities, this chapter provides a comparative analysis between the WAMZ and other monetary unions, with specific reference to the GCC and the West African Economic and Monetary Union (WAEMU).
