Indices Signification $ICL{E}_{c,t}=1-TD{M}_{c,t}$ TDMc,t is the average customs tariff that the country applies to the rest of the region. ICLEc,t measures the country’s openness to intra-regional trade and is the arithmetic average of the intra-zone tariffs of the member countries to capture the liberalisation of trade within the WAEMU. $ICU{D}_{c,t}=\frac{\mathrm{min}\left(T{M}_{c,t};TM{R}_{t}\right)}{\mathrm{max}\left(T{M}_{c,t};TM{R}_{t}\right)}$ TMc,t is the country’s average fare c at date t, and TMRt is the regional average fare for all countries in the zone. ICUD is the simple arithmetic average of tariffs applied to member countries of the World Trade Organization. $ICU{E}_{c,t}=\frac{\mathrm{min}\left(\frac{P{S}_{c,t}}{P{S}_{c,t-1}};VM{P}_{i,t}\right)}{\mathrm{max}\left(\frac{P{S}_{c,t}}{P{S}_{c,t-1}};VM{P}_{i,t}\right)}$ PSc,t and PSc,t−1 are the sectorial productions of country c, respectively, for periods t and t − 1. VMPi,t is the average variation of production in the sector considered for region i at date t. $ICPT{I}_{c,t}=\frac{\mathrm{min}\left(TIM{R}_{i,t};TI{M}_{c,t}\right)}{\mathrm{max}\left(TIM{R}_{i,t};TI{M}_{c,t}\right)}$ $ICH{B}_{c,t}=\frac{\mathrm{min}\left(PD{P}_{c,t};VMPD{P}_{i,t}\right)}{\mathrm{max}\left(PD{P}_{c,t};VMPD{P}_{i,t}\right)}$ $ICP{I}_{c,t}=\frac{\mathrm{min}\left(VIPC{M}_{i,t};\frac{IP{C}_{c,t}}{IP{C}_{c,t-1}}\right)}{\mathrm{max}\left(VIPC{M}_{i,t};\frac{IP{C}_{c,t}}{IP{C}_{c,t-1}}\right)}$ The ICUET is an aggregation of three indices and is built in three stages: 1) TIMRi,t is the regional average interest rate at date t, TIMc,t t is the average interest rate of the country c at date t, and ICPTI is the Index of Contribution at the proximity of the interest rate; 2) ICHB is the Budget Harmonisation Contribution Index, PDPc,t is the share of public expenditure in the country’s GDP c at date t, and VMPDPi,t is the average value of the share of public expenditure in the GDP of region i at date t; and 3) ICPI is the Inflation Proximity Index, where IPCc,t and IPCc,t−1 are the country’s Consumer Price Index c at dates t and t − 1, respectively, and VIPCMi,t is the average change in the Consumer Price Index in region I on date t. The last step in the construction of the ICUET is to aggregate the three previously constructed indicators through a simple arithmetic average.