At the end of the States General held from May 26 to 28, 2021, in the Togolese capital on the eco, the future West African currency, a roadmap was proposed to the Heads of State and Government to help them in their decision making.

Read this entire roadmap for the creation of the Eco-ECOWAS currency.A. Major aims of the reform project
1. Since the decision of the ECOWAS Heads of State Summit of June 20, 2019 in Abuja, the principle of the Eco-ECOWAS currency has been acquired. The political process towards the adoption of a common currency responds to a legitimate claim in favor of the establishment of the full monetary sovereignty of the 15 Member States.2. The project is part of the post-Covid perspective of regaining all fundamental sovereignties (food, health, trade, finance, politics, security) at the regional level.3. The project takes note of the decision to leave the Franc Zone initiated since the end of 2019 by 8 States with in particular the repatriation of the currencies of the operating account domiciled in France and with the choice of a new denomination of the currency, the Eco .4. The project aims to associate all the States, whatever their differences, by guaranteeing the necessary flexibility to absorb the impacts of external shocks which may diverge.5. Finally, the project aims to maximize the potential for increased and strengthened economic integration.B. On the fundamental choices6. The project takes into account the criteria of a good foreign exchange policy, namely financing essential imports, supporting exports, promoting local credit, protecting "nascent sectors" with high job potential, offsetting the negative impacts of shocks external.7. On the short-term convergence criteria (price, debt, deficit), the project recognizes the need to set minimum macroeconomic criteria (entry ticket) for membership but above all the project considers that the reduction of differentials (price, debt, deficit) is not a prerequisite, but a medium-term objective, made easier to obtain with an adequate economic policy.8. A loosening of the inflation constraint (4-8%) is required in order not to curb the potential for structural transformation. Moderate inflation boosts credit because it provides debt relief for borrowers. It rewards innovation.9. In doing so, structural convergence is fundamental and sectoral policies in favor of agricultural and industrial value chains with a regional vocation must be implemented in a complementary manner.C. On the future system10. The new system will be built on a new currency, sui generis, distinct from the existing currencies in the ECOWAS Zone.11. A Central Bank would be responsible for conducting the monetary and exchange policy of the member countries of the Eco-ECOWAS Zone.12. The pooling of foreign exchange reserves will be the basis of solidarity.13. In the transition period, solidarity will be strengthened on a political and institutional basis. A cooperation mechanism will be put in place to reduce differences of opinion and facilitate economic convergence.14. The definition of the future Eco-ECOWAS currency will be based on a basket of currencies representative of the main trade flows in the Zone, with four currencies, the euro, the dollar, the yuan and the pound sterling.15. The common currency exchange rate will be flexible but administered by the Central Bank.16. An exchange rate agreement will be concluded between the parties for the anchoring of their existing currency to the Eco-ECOWAS currency which will serve as a pivot. The principle of a corridor will be adopted within which, around the pivot currency, the existing currencies will be able to float with a fixed fluctuation margin monitored by the ECOWAS monetary authority.17. Eventually, the transition from the common currency to the single currency will be considered.D. On the methods of implementation18. Particular attention will be paid to the prospects of monetary digitization.19. To trigger the transition to the common currency, a first pool of States meeting the minimum convergence criteria (which will have to be updated) will be able to meet. Subsequently, new members of the project will be sought by looking for those that are easier to obtain.20. The abandonment of the French Treasury guarantee granted to the WAEMU States will be decided.21. Confidence in the Eco-ECOWAS currency will be based on new endogenous safeguard and credibility mechanisms.22. During the phase of transition and learning about exchange rate mechanisms, attention will focus on fiscal and budgetary reconciliation and the stimulation of regional financial markets, two necessary conditions.23. Finally, it is clearly admitted that behind the questions relating to the choices on how to operate the creation of the new currency, on the future parity and its backing to a basket of currencies, on the level of flexibility of the changou rate on the The “good” regime and allocation of currencies that will have to be adopted hide other crucial questions, namely to initiate the structural transformation of West African economies.24. To bring about real change, the proposals to support the transition to Eco-ECOWAS must be technically sound, economically justified, politically accepted and based on measures whose future impacts and risks will be assessed beforehand. . The question of the recognition of the advantages of monetary integration and their sharing in order to arouse the adhesion of the populations is fundamental for the success of the project.

Done in Lomé, May 28, 2020, the general assembly of the Eco