Ordoliberalism

International Economic Law and Central Banks in Africa: Toward a Progressive Pro-Development Approach

Africa’s regional central banks, and the projects of monetary coordination and monetary union they oversee, arise directly out of treaty frameworks. These frameworks provide vital opportunities for calibrating these policy objectives in the form of legal and institutional design. The goal must be to ascertain the components of a progressive, pro-development approach that will seek to balance the objective of financial stability with the objective of maintaining sufficient macroeconomic policy space, and the objective of central bank independence with the objective of accountability to the public interest.