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{
    "id": 496545,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/496545/?format=api",
    "text_counter": 52,
    "type": "speech",
    "speaker_name": "Hon. (Ms.) Kajuju",
    "speaker_title": "",
    "speaker": {
        "id": 840,
        "legal_name": "Florence Kajuju",
        "slug": "florence-kajuju"
    },
    "content": "Hon. Speaker, the background that I am going to give to this House relating to the East African Community Monetary Union Protocol is set out on page six of the Report. In this Report, you will find that this is one of the pillars that were established by the East African Community, the first pillar being the Customs Union, and the second pillar being the Common Market. The subsequent pillar is the Monetary Union that we are discussing today. We ultimately expect the establishment of a political federation in the East Africa, under Article 5(2) of the Treaty. Upon ratification of this protocol, we are going to establish a super natural bank, which is going to manage currencies within the EAC. The common currency then will require the efforts of the economist in order to move forward after the convergence in a bid to absorb any economic shock from the partner State. We are going to give this Protocol ten years. It is going to happen neither within one day nor within one year. It is going to happen within ten years. I would like to point out to the House particulars by KIPPRA. When KIPPRA appeared before the Committee, their feeling was that we should not proceed with ratification of the Community’s Monetary Union; rather we should have a political federation or a political union first. They stated that there was the original sin which, according to them, was committed by the European Union (EU) when the European countries came together and formed a currency union. They also said that the sovereign debt crisis that was there in the EU affected Greece, which was one of the countries that had to bear the brunt of it in the late 2009. ` Hon. Speaker, when the National Treasury, through Mr. Nyamunga, appeared before us, they stated that all the implications, or the effects of this currency were taken care of by the negotiators and, therefore, there would not be an issue that Kenya, which is normally seen as a big brother, would be affected by any economic shock. We also noted the fact that the State Law Office had looked at the protocol and they were in agreement with the Committee that such laws, once they are amended, will not interfere with the normal situation, as it were. I will, therefore, indicate to the House the observations of the Committee. The Committee examined the presentations made by the stakeholders and made the following The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}