Samir A. Makdisi - Arab monetary integration : issues and prerequisites

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ROUTLEDGE LIBRARY EDITIONS:
THE ECONOMY OF THE MIDDLE EAST

Volume 6

ARAB MONETARY INTEGRATION

ARAB MONETARY INTEGRATION

Issues and Prerequisites

Edited by
KHAIR EL-DIN HASEEB AND SAMIR MAKDISI

First published 1981

This edition first published in 2015
by Routledge
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

and by Routledge
711 Third Avenue, New York, NY 10017

Routledge is an imprint of the Taylor & Francis Group, an informa business

1981 Centre for Arab Unity Studies

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

British Library Cataloguing in Publication Data
A catalogue record for this book is available from the British Library

ISBN: 978-1-138-78710-0 (Set)
eISBN: 978-1-315-74408-7 (Set)
ISBN: 978-1-138-81135-5 (Volume 6)
eISBN: 978-1-315-74531-2 (Volume 6)

Publishers Note
The publisher has gone to great lengths to ensure the quality of this reprint but points out that some imperfections in the original copies may be apparent.

Disclaimer
The publisher has made every effort to trace copyright holders and would welcome correspondence from those they have been unable to trace.

Arab Monetary Integration

ISSUES AND PREREQUISITES

Edited by
KHAIR EL-DIN HASEEB
and
SAMIR MAKDISI

Center for Arab Unity Studies
Croom Helm Ltd, 2-10 St Johns Road London SW11

British Library Cataloguing in Publication Data

Arab monetary integration.
1. Monetary unions Congresses
2. Money Arab countries Congresses
I. Haseeb, K. II. Makdisi, S.A.
332.456609174927HG3894

ISBN 0-7099-0712-5

Proceedings of a seminar held in Abu Dhabi, on 2427 November 1980, organised by the Centre for Arab Unity Studies and the Arab Monetary Fund

Typesetting by Elephent Productions, London SE19

Printed and bound in Great Britain by
Biddles Ltd, Guildford and Kings Lynn

Publishers Note.

The publisher has gone to great lengths to ensure the quality of this book but points out that some imperfections from the original may be apparent.

CONTENTS

The seminar Arab Monetary Integration: Issues and Prerequisites was planned with three basic considerations in mind.

First, it was felt that the subject of Arab monetary integration, as part of overall Arab economic integration, had not received sufficient attention. A serious and objective examination of the various issues involved benefits, costs, problems, feasibility was deemed necessary for a clearer understanding of the processes and modalities associated with any move towards Arab monetary integration.

Secondly, it was decided that to accomplish this objective, the seminar should be conducted in an informal atmosphere, one that would permit the participants to engage freely in discussion of the issues before them. The choice of the issues to be examined did not, therefore, reflect any preconceived notions about Arab monetary integration. The aim was to stimulate an objective analysis of all aspects of monetary integration and of the measures which might be taken to strengthen Arab monetary co-operation.

Thirdly, it was believed that any discussion of Arab monetary integration would be greatly enhanced if it took into account the integration experiences of other regions of the world. It was agreed that these experiences could be highly instructive by way of defining the major issues involved. At the same time, it was recognised that each region has its own particular characteristics, traditions and aspirations and that the path towards integration finally chosen must reflect the realities of the region concerned.

The seminar was divided into four sessions. The first session took up the general concept of monetary integration and the relationships between regional and international monetary systems. The second was devoted to an analysis of the monetary conditions prevailing in the Arab countries and the scope available for Arab monetary co-operation. The third session focused on the monetary integration experiences of Latin America, Europe and West Africa, while the fourth and last session was given over to an examination of future prospects for Arab monetary integration, including the challenges and obstacles such a process is likely to face.

Altogether, twelve papers were presented, each one followed by prepared comments and a general discussion. The discussion of the seminar papers was generally animated and, in our opinion, proved highly useful in clarifying the issues under consideration. Unfortunately, limitations of space have made it necessary to condense several of the papers and, in some cases, the written comments and discussions as well. In a few exceptional cases, whole sections have been deleted. In editing this material, we have endeavoured to preserve the essence of both the papers and the discussion; we can only hope we have been successful in this effort.

The seminar was planned by an advisory committee consisting, in addition to the editors, of K. Nashashibi, M. Sakbani and M.L. Shoukair. In its endeavour, the committee enjoyed the constant support of Jawad Hashim, president of the Arab Monetary Fund.

A number of individuals at both the Centre for Arab Unity Studies and the Arab Monetary Fund worked diligently in preparing for the seminar and, afterwards, in helping the editors to ready the proceedings for publication. While the list of names deserving of mention is too long for inclusion here, we cannot but acknowledge Ban Khayatt Saadehs invaluable administrative assistance. Thanks are also due to Alison Brooks for translating many of the papers originally written in Arabic and for the editing of the English copy throughout.

K. Haseeb
S. Makdisi
Beirut

J. Williamson

Introduction

This paper is intended to survey the conceptual and theoretical aspects of monetary integration, including its relationship to economic integration. The following section of the paper deals with concepts: the concept of integration in economics, the concept of full monetary union and the various concepts of partial monetary integration that have received attention up to now. Section II considers the objectives of monetary integration and discusses what may be the key issue in choosing between full and partial monetary integration. Section III is devoted to surveying the modalities of monetary integration: first, of partial integration and then of the alternative strategies by which full monetary union might be achieved.

I. Concepts

The definitive discussion of the meaning of the concept of economic integration is that of Machlup1 who argues that the idea of complete integration implies the actual utilization of all

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