A common currency for Africa?

Zimbabwe’s Independent reports: PLANS to adopt a single currency for the 15-member Southern African Development Community (Sadc) by 2018 could be overtaken by a much broader regional single currency and customs project that would include two other trade blocs, Industry and International Trade minister Welshman Ncube has said. Sadc, Common Market for East and Southern ...

By , a former associate editor at Foreign Policy.
DESMOND KWANDE/AFP/Getty Images
DESMOND KWANDE/AFP/Getty Images
DESMOND KWANDE/AFP/Getty Images

Zimbabwe's Independent reports:

Zimbabwe’s Independent reports:

PLANS to adopt a single currency for the 15-member Southern African Development Community (Sadc) by 2018 could be overtaken by a much broader regional single currency and customs project that would include two other trade blocs, Industry and International Trade minister Welshman Ncube has said.

Sadc, Common Market for East and Southern Africa (Comesa) and the East African Community are in talks aimed at setting up a single monetary union and a free trade area by 2016.

A tripartite summit is scheduled for South Africa in May. Ncube said it would be wise for Sadc to "slow down towards a common currency".

This just one of a number of regional currency schemes floated since the adoption of the euro. There have been talks of establishing a common currency for South America through the UNASUR grouping. Former Soviet countries have discussed the idea. Some propose one for East Asia. The Gulf States were due to adopt one last year, but those plans have been put on hold.

One would suspect that the Greek crisis and the current skeptical mood within the eurozone might slow down the progress on some of these plans. (Despite what you may read on the Internets, the "Amero" is probably a long way off, at least.)

Joshua Keating was an associate editor at Foreign Policy. Twitter: @joshuakeating

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