African Union (AU) leaders will gather in Niger on 7 July for an Extraordinary Summit to discuss the African Continental Free Trade Area. They will be meeting at a critical moment for the continent. Many African countries are experiencing uneven growth and rising debt. All face an uncertain global environment and need the boost that closer and more dynamic continental trade relations could deliver.
In our view the AU leaders should also use their meeting to reinvigorate their efforts to create an African Monetary Fund. This would be used to encourage African states to engage more actively in regional trade by offering them financial support for managing the risks associated with closer regional integration and expanded intra-regional trade.
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