Monetary union is an essential component of regional economic integration. Establishing a monetary union in East Africa will be difficult and will pose risks. It will require an enormous amount of work to reform institutions, change legislation and revise macroeconomic policies. It is a long term undertaking, whose benefits will be realised over many decades.
Support for this project, among the public, politicians and technocrats, has started to gather momentum alongside a more widespread appreciation of its long term benefits. We must use this momentum of support to make monetary union in East Africa a reality.