The Regional Financial Integration in Maghreb and the Operational Activation of the Maghreb Bank for Investment and Foreign Trade

Sami MOULEY * Chief Economist, directeur, Pôle des études économiques et de la coopération, Banque maghrébine d'investissement et de commerce extérieur (BMICE) ; professeur de finance internationale, Université de Tunis. Contact : sami.mouley@gmail.com.

Noureddine ZEKRI ** Directeur général, BMICE.

Through a diagnostic benchmark, this article aims to assess the state of financial integration in the Maghreb region and to present the role of the Maghreb Bank for Investment and Foreign Trade, recently activated, in the current regional context in deep mutation. The first part of the article advances elements of economic theory regarding the relationship between financial integration and macroeconomic performance. The second part presents the major trends in the development of financial systems in the Maghreb countries. The third part highlights the state of financial integration in the region. The fourth part analyzes recurring delays and major obstacles. By proposing alternative levers, the fifth part analyzes the nature of the responses, in particular through the strategic role of BMICE in promoting financial integration and supporting the ambitions of a financially integrated Maghreb area. By way of conclusion, the last part states the prerequisites and open avenues for strengthening financial integration in the Maghreb region.