Formiranje Afričke monetarne unije: kriteriji konvergencije i daljnji izazovi
Forming the African Monetary Union: convergence criteria and further challenges

Summary/Abstract: According to the Abuja Agreement, the creation of the African Monetary Union and the introduction of the single African currency are cited as the ultimate goal of African regional integration. Integration of Africa is considered a driver of economic and social development, trade and competitiveness. The existing eight African regional economic integrations should represent the foundations of future continental integration, although their integration is not proceeding at the same pace. Towards deeper economic integration, Africa faces many challenges such as low intra-regional trade, weak financial integration, underdeveloped infrastructure and large disparities between African countries. The aim of this paper is to review the progress made so far in regional economic integration and the laid foundations for continental integration in Africa, to analyze the fulfillment of convergence criteria and to define specific challenges in the regional integration of Africa. The expected contribution of the paper is reflected in the conducted research and systematization of previous achievements in the field of economic and monetary integration of Africa, which form the basis for the formation of the African Monetary Union and defining the challenges of future development of this regional economic integration.

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