The End of the Escudo Monetary Zone Fund in 1980. The Continuation of Co-operation

Maria Eugénia Mata ()
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Maria Eugénia Mata: Universidade Nova de Lisboa

Chapter Chapter 10 in The Portuguese Escudo Monetary Zone, 2020, pp 151-160 from Palgrave Macmillan

Abstract: Abstract There were proposals to extinguish the Escudo Monetary Zone Fund in the period following the independence of the ex-colonies, but the three issuing banks of the system required their capital in the Fund. Only in May 1980 was it possible to clear the balances of the Foreign Exchange Management Funds of the ex-colonies regarding their debts to the Escudo Monetary Zone Fund in a multilateral way, thanks to a decision to re-evaluate the gold reserves of the Banco de Portugal. Cooperation with the ex-colonies continued after the extinction of the Fund, especially because they abandoned socialist political blueprints when communist political regimes failed in the late 1980s. This was the opportunity for market operations in these African regions to give place to capitalism and global institutions.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-3-030-33857-2_10

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DOI: 10.1007/978-3-030-33857-2_10

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