The post appropriately defines a common market though the whole concept meant by the term is not captured. A common market involves duty free trade, free mobility of labor and capital, and common trade tariffs on imports. The article clearly articulates the circumstances that led to the collapse of the original East Africa Community. It was clear that bringing countries together on political terms was not easy. As such, the newly reconstructed East African Community was foundational on economic grounds. The new body has incorporated three more countries namely Rwanda, Burundi, and South Sudan (“EABC appoints new Chair Person,” n.d.).
The writer’s depiction of monetary systems is simple but fails to capture the fact that monetary systems also provide a way for governments to control money. Jankovic’s article shows the rise and fall of the Bretton Woods Agreement and the U.S. dollar (Jankovic, 2018). The later, however, managed to maintain its position as the dominant global currency. The reason for this being the perception that the dollar itself is dominant and the strong and stable state of financial institutions in the U.S. The Euro and Yuan are close competitors rivalling the dollar but global perception is not likely to change.
EABC appoints new Chair Person. (n.d.). Retrieved from https://www.eac.int/
Janković, N. (2018). Perspectives of the international monetary system. Ekonomski horizonti, 20(1), 75-89.