Central Bank of West African States facing broken transmission mechanisms
The shallow financial system in the West African Economic and Monetary Union is damaging the transmission of monetary policy, according to members of the International Monetary Fund's African department.
Patrick Imam and Christina Kolerus say that "in principle" the Central Bank of West African States should be able to exercise "significant influence" on liquidity conditions in the union as "its balance sheet represents about a third of the balance sheet of the banking system".
However, they
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