Financial regulation in African frontier markets: can the EU approach work?
Financial regulation in African frontier markets: can the EU approach work?
Iwa Salami
For a long time sub-Saharan Africa (excluding South Africa) was marginalised from the international financial market. However, over the past two decades things have began to take a positive turn. Even after the recent financial crisis, which stifled most parts of the world, Africa's recovery and growth has been phenomenal. Nonetheless, financial regulation in most states in Africa still remains a challenge and this has the potential to threaten the future growth prospects of African financial markets. As most African regional economic communities (RECs) have adopted the EU framework for trade integration, a common market and a monetary union, this article considers the structure of the newly instituted EU financial regulatory framework and assesses whether this model can be adopted in the African context. It focuses, in particular, on the regional framework for financial regulation within the RECs considered.
Law and Financial Markets Review, Vol. 5, No. 5, Oct 2011: 380-387.