| Chapter 1: | Introduction: Transition, Continuity, and Change |
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The key continental financial institutions that will be established under the Union Government are the African Central Bank (ACB) and the African Monetary Fund (AMF). These institutions will harmonize the fiscal and monetary policies of member states and will ensure stable economic growth and a healthy balance of payment for African countries. In addition, NEPAD will be effectively integrated into the framework of the Union Government as its socioeconomic program. NEPAD will become a specialized institution of the Commission for the execution of projects in the “Community Domain” as may be delegated from time to time by the Commission (African Union, 2006).
Figure 1.2 presents a tentative, graphic institutional structure of the proposed Union Government by the African Union. How these structures will work out in practice (as well as be a catalyst) for regional economic and political development remains an issue of conjecture.
Figure 1.2. Institutional structure of the proposed Union Government.
