Browsing by Author "Rwechungura, Edson Paschal Stanislaus"

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    Assessing the monetary union in east Africa with special reference to legal and practical challenges relating to financial markets integration
    (University of Dar es Salaam, 2018) Rwechungura, Edson Paschal Stanislaus
    This thesis titled “Assessing the Monetary Union in East Africa with Special Reference to Legal and Practical Challenges Relating to Financial Markets Integration” has as its main objective the examination of the role of harmonization of the law in integrating financial markets in East Africa and its contribution in the efforts of the partner states to finally achieve a monetary union. It examines the legal and practical challenges in the way of the EAC’s efforts to integrate economically. It addresses the problem of disparities in the legal and regulatory frameworks of the Partner states which tend to create distinct markets for each state. It proceeds under the hypothesis that these differences hinder complete integration of financial markets. It partly proves the hypothesis that there are differences in EAC Partner. It makes a very important observation that there is lack of co-ordination of the domestic legal and regulatory systems of the Partner states. As a result domestic financial markets remain segmented. The study observes that even the Directives adopted by the East African Council of Ministers in 2015 while the research was under way are not enough to bring the required integration because they concentrate on making internal laws similar but not work in harmony. It observes that the EAC is not yet committed to have full integration of its markets as the countries are eager to maintain the autonomy in regulation of their markets. The thesis gives valuable recommendations to rectify the situation including structuring domestic laws in such a way that they rhyme with those of the Community as well as develop institutional integration for those institutions which engage in financial markets such as banks, stock markets and regulatory bodies. The thesis is very useful in the EAC context because it provides important inputs for achievement of a meaningful monetary co-operation in this area.