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for integration arrangements. The heart of the problem in the EUtoday is that the policy options for individual members of the eurozone to respond to national debt crisis are limited by their membershipof the single currency. In other words, there are trade-offs betweenthe commitment to common policies at regional level and theroom for individual state action.This leads me into the theme of this conference which is “Integrationand Sovereignty”. By definition, there is an inverse relationshipbetween deeper regional integration and national sovereignty. Byentering into collective regional agreements a state is necessarilyceding its right to adopt alternative policies or change track as itdeems fit. There are several dimensions through which this could bea cause for concern. First is that a country could be locked into policyregimes that it deems detrimental to its overall interests. Second, isthat a state may perceive the costs of a regional agreement as beinglarger than the expected benefits. Thus the commonly expressedfear of loss of revenue arising from trade liberalization. Third is thefear that more open borders may undermine national and securityand facilitate transnational crime.These are legitimate concerns but they also point to the importanceof regional integration agreements being underpinned by sharedvalues. It is not possible to have a club or community of any sortwithout shared values and Africa must accordingly continue to placeemphasis on deepening commitment to the values to which it hassubscribed. These include but are not limited to democratic ideals,respect for human rights, promotion of gender equality, promotionof cultural and religious tolerance and the building of inclusive andharmonious societies. Such values are the foundation for peace andsecurity without which it will not be possible to deepen regional integration.An important point to bear in mind is that the ultimate objective ofregional integration is to enable African countries to benefit fromeconomies of scale, reduce transactions costs and use trade as anengine of growth and development. This would require greatertransboundary cooperation, joint projects and programmes for investmentand trade facilitation, and adoption of common standardsand codes. We must keep these benefits in mind while fashioningmechanisms to address concerns about the possible consequencesIntegrating Africa127