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

Author

Listed:
  • Dominique de Rambures

    (Honorary Chairman of the Euro Banking Association and former Chairman of the ECU Banking Association)

  • Alfonso Iozzo

    (Robert Triffin International
    Centro Studi sul Federalismo)

  • Annamaria Viterbo

    (University of Torino, Italy
    Collegio Carlo Alberto, Torino, Italy)

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.

Suggested Citation

  • Dominique de Rambures & Alfonso Iozzo & Annamaria Viterbo, 2020. "A Safety Net for Africa: towards an African Monetary Fund?," Working Papers N268, Robert Triffin International.
    • Handle: RePEc:afh:wpaper:n268
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    File URL: https://www.triffininternational.eu/images/pdf/RTI_DeRambures-Iozzo-Viterbo_A_SAFETY_NET_FOR_AFRICA_June2020.pdf
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    More about this item

    Keywords

    safety net; Africa; African Monetary Fund; African Union; EU;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • N27 - Economic History - - Financial Markets and Institutions - - - Africa; Oceania
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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