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Euro-Med Partnership, Agadir Agreement and the Need for Exchange Rate Policy Cooperation

This research analyzes the need for deep regional cooperation between the South-Mediterranean countries in order to minimize the negative effects form the “Hub and Spokes” nature of the Euro-Mediterranean Partnership. Such a deep cooperation requires coordinating the interdependent exchange rate and macroeconomic policies, but our empirical results demonstrate that the determinants of the behavior of the Egyptian, Tunisian, Jordanian and Moroccan exchange rates diverges a lot. Therefore, we recommend that macroeconomic policy harmonization and strong exchange rate cooperation shall take place within the framework of the Agadir agreement in order to render these economies less prone to regional crisis contagion and more attractive to foreign investors.