The desire to enhance intra-regional trade and the well-being of their citizens has led six West African countries - The Gambia, Ghana, Guinea, Liberia, Nigeria and Sierra Leone - to consider forming a monetary union. This would involve the use of a single currency, the Eco, issued by a new regional central bank, the West African Central Bank. The elimination of transactions costs associated with trade involving the of use of multiple currencies has been touted as the single most important benefit of this arrangement. On the other hand, the loss of monetary policy independence by countries...