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{
    "id": 496559,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/496559/?format=api",
    "text_counter": 66,
    "type": "speech",
    "speaker_name": "Hon. Nakuleu",
    "speaker_title": "",
    "speaker": {
        "id": 2937,
        "legal_name": "Chrisropher Doye Nakuleu",
        "slug": "chrisropher-doye-nakuleu"
    },
    "content": "Thank you, hon. Speaker. I wish to take from where my Chairman has just left. I happen to be the Vice Chairman of that Committee and, therefore, I have given a lot of institutional memory to the Report. I will be better placed to also give a highlight of the Report. Hon. Speaker, EAC Monetary Union is the fourth stage of economic integration after the Common Market Protocol. Therefore, Kenya, Rwanda and Uganda adopted the principle of variable geometry through the coalition of the willing members; where some members of the community were not ready to move into this stage of integration. They felt that if they engaged themselves at this point in time, they would be at a disadvantaged stage. However, the treaty envisages a situation where members who are ready to move forward can do so and the rest will join later. Therefore, Kenya, Rwanda and Burundi are purely within the precincts of the treaty. Kenya stands to benefit a lot out of the ratification of this protocol. The use of common currency will eliminate incidences of exchange rate parities where; if a Kenyan moves to Rwanda, he or she does not need to change the Kenyan currency into the dollar then from the dollar to the Rwandan Francs. With the adoption of the Monetary Union, the issue of changing money from one currency to another will be eliminated because we will be using one currency across the region. Hon. Speaker, in an attempt to actualise this, member states have to organise their economies in such a way that they all bend towards a common micro-economic convergence. With this, we will be able to predict the economic growth of each and every country through economic parameters that are in place. Therefore, Kenya being a member of the coalition of the willing, through the principle of variable geometry, should therefore harmonise the principal laws of this country to be in tandem with the provisions of the treaty, so that we do not get stifled as we try to operationalise the treaty. Hon. Speaker, with establishment of various institutions mentioned by the Chairman, for instance, the monetary institute, Central Bank and Bureau of Statistics, Kenya stands to host most of these institutions because of its placement in the region as an economic hub. Therefore, this Parliament should give the President the support he requires to steer the East African Community to greater heights in order to achieve the required integration aspirations. Hon. Speaker, also we had an analysis and comparison of various global monetary unions. We have looked at the European Union Monetary Union, the ECOWAS Monetary Union and we compared them with the East African Monetary Union. We 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."
}