Banks are catalysts to economic development. Any stable economy will depend upon how solid its banking system operates. Due to this, there is the need for good and effective reforms. Thus, in 1964, the Custom Union of Central African States (UDEAC)1 was created with one of the main aims being to put in place a common market for the region and to harmonise the economic policies. Within such a common market, there should be free circulation of persons, merchandise, services and capital; several steps were taken to realise this goal. The banking sector was one of the areas that needed much intervention to ensure free circulation of capital and the financing of the economy. There were no common policies of control of banking activities in the zone. There was, therefore, need to harmonise the legislation of the member states in the domain of banking and finance, while conserving the option to take urgent measures in case of turbulence in the monetary domain. The Bank of Central African States (BEAC)2 therefore, was founded in 1972 after the signing of the Brazzaville accords with one of the main aims being to harmonise banking activities. The member states, through this important institution, engaged in harmonising their policies relating to the exercise of the banking profession, control of financial establishments as well as distribution and control of credit. To realise this will, the constitution of BEAC gave it large competence to impose management norms on banks and financial establishments, give them technical assistance and ensure the respect of laid down rules.3 This paper therefore questions the strength of the reforms put in place to guarantee effective banking operations within BEAC as well as its degree of applicability.
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