Correspondence: Iwa Salami, School of Law, University of East London, Duncan House, High Street, Stratford, London E15 2JB, UK. tel: +44 (0)20 8223 2108; fax: +44 (0)20 8223 2927; E-mail: i.salami@uel.ac.uk

¹Iwa Salami is a lecturer of law at University of East London. Her expertise is in financial regulation in emerging economies. Her research interest is in the legal aspects of monetary and financial integration in emerging economies.

Abstract

This paper assesses the legislative framework for banking harmonisation in the proposed West African Monetary Union and its impact on the success of the monetary union. It provides a critical assessment of the legislative framework for banking harmonisation in the proposed monetary union. It finds that the current regional framework is inadequate and does not take account of the current state of development of the banking markets in the member states. It proposes that the regional framework should be revised to take a more pragmatic approach that would facilitate a harmonised system for banking regulation in the proposed West African Central Bank.