Multilateral economic policy convergence
Towards the establishment of a monetary union within SADC
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The regional integration process in the RECs, particularly SADC, is reminiscent of the debates on the need for economic convergence of the organization's member countries in the process of creating a monetary union. SADC has made progress in this integration scheme. However, challenges remain. Since 2018, deadlines and milestones in the regional integration process have passed (Free Trade Area: 2008; Customs Union: 2010; Common Market: 2015; Monetary Union: 2016; and Single Currency: 2018). However, there is no empirical evidence to conclude that the SADC countries as a whole constitute an FTA...
The regional integration process in the RECs, particularly SADC, is reminiscent of the debates on the need for economic convergence of the organization's member countries in the process of creating a monetary union. SADC has made progress in this integration scheme. However, challenges remain. Since 2018, deadlines and milestones in the regional integration process have passed (Free Trade Area: 2008; Customs Union: 2010; Common Market: 2015; Monetary Union: 2016; and Single Currency: 2018). However, there is no empirical evidence to conclude that the SADC countries as a whole constitute an FTA with certainty. Rather, it is apparent that inequality in GDP per capita has increased over time and countries are struggling to meet the regional targets of the economic convergence mechanism.
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