Press

Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries [31/05/2007]
Source: International Monetary Fund

Middle East and Central Asia Department and Monetary and Capital Markets Department
Financial Sector Reforms and Prospects for Financial Integration in Maghreb Countries
Prepared by Amor Tahari, Patricia Brenner, Erik De Vrijer, Marina Moretti,
Abdelhak Senhadji, Gabriel Sensenbrenner, and Juan Solé1
May 2007
Abstract
This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent
those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are
published to elicit comments and to further debate.
A healthy and dynamic financial sector is essential to achieving high and sustainable
economic growth in the Maghreb region—Algeria, Libya, Mauritania, Morocco, and Tunisia.
Financial integration within the Maghreb region will help deepen financial markets, increase
their efficiency, and enhance the resilience of economies to shocks. It can also play a catalyst
role for the global financial integration of the Maghreb region. This paper provides an
overview of the financial systems, takes stock of the reform effort and highlights the
challenges ahead, and examines the prospects for financial integration in the five Maghreb
countries.