A Safety Net for Africa: towards an African Monetary Fund?

Dominique de Rambures (), Alfonso Iozzo () and Annamaria Viterbo ()
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Dominique de Rambures: Honorary Chairman of the Euro Banking Association and former Chairman of the ECU Banking Association
Alfonso Iozzo: Robert Triffin International
Annamaria Viterbo: University of Torino, Italy

No N268, Working Papers from Robert Triffin International

Abstract: After the Second World War, the establishment of the United Nations was completed, in the financial area, with those of the IMF for financing the balances of payments, and the World Bank for financing infrastructure and investment projects. The European Union has created the European Stability Mechanism (ESM) for financing the member States who are dealing with payment problems, which can be compared to the IMF, and the EIB for financing the investment project which can be compared to the World Bank. China numerous entities for financing investments, such as the China Development Bank, Export-Import Bank, and many funds and development banks dedicated to a specific purpose such as the ABII (Asia Bank for Infrastructures and Investments) to support the OBOR policy (One Belt One Road, i.e. the New Silk Roads). Beyond their aim of financing investments, China uses these financial organizations and others such as the sovereign fund, China Investment Corp., and the state banks, for buying government bonds to countries such as Greece and Portugal during the 2008 crisis, that are dealing with payment problems. The African Development Bank grants loans to finance infrastructure and investment projects, but Africa has no financial institution such as the IMF or the ESM.

Keywords: safety net; Africa; African Monetary Fund; African Union; EU (search for similar items in EconPapers)
JEL-codes: E52 E58 F33 F38 F41 F42 G15 N27 (search for similar items in EconPapers)
Pages: 6 pages
Date: 2020-06
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