Protocol on the Establishment of the African Monetary Fund & Statute of the African Monetary Fund

2015 ◽  
Vol 54 (3) ◽  
pp. 507-531
Author(s):  
Uche Ewelukwa Ofodile
Keyword(s):  
Central Bank ◽  
Monetary Union ◽  
Equatorial Guinea ◽  
Economic And Monetary Union ◽  
African Union ◽  
African Unity ◽  
Economic Community ◽  
Investment Bank ◽  
Member States ◽  
Organization Of African Unity

On June 27, 2014, at the 23rd Ordinary Session of the Summit of the African Union held in Malobo, Equatorial Guinea, member states of the Africa Union adopted the Protocol on the Establishment of the African Monetary Fund (Fund). Plan for the Fund is not new but dates back to the 1963 Charter of the Organization of African Unity (the predecessor to the Africa Union) as well as to the 1991 Abuja Treaty—the agreement that established the African Economic Community and put in place a framework for continental integration. The Constitutive Act of the African Union (Constitutive Act) adopted in 2000 also envisaged the establishment of the Fund. Annexed to the Protocol is the Statute of the African Monetary Fund (Statute). As envisioned in the Abuja Treaty, the Fund, together with continental institutions such as the Africa Investment Bank and the African Central Bank that are still in the pipeline, are critical to efforts to create a continental economic and monetary union in Africa.

scholarly journals Central Bank Independence and Inflation IN EU-28

2017 ◽  
Vol 22 (4) ◽  
pp. 253-262
Author(s):  
Daniela-Georgeta Beju ◽  
Maria-Lenuţa Ciupac-Ulici ◽  
Codruța-Maria Fǎt
Keyword(s):  
European Union ◽  
Central Bank ◽  
Monetary Union ◽  
Central Banks ◽  
Central Bank Independence ◽  
Price Stability ◽  
Economic And Monetary Union ◽  
Great Level ◽  
Member States ◽  
High Level

Abstract Today, both policymakers and academicians consider that the central bank’s main goal is to guarantee price stability. The central bank can sustain the government’s economic policies, but only without prejudicing this objective. In order to focus on price stability several studies found that central bank should have a high level of independence. This is why during the recent decades the majority of developed countries, but also several emerging economies have employed institutional reforms that conferred their monetary authorities – the central bank – more independence. Within the European Union the central bank independence is a crucial issue, since the Maastricht Treaty stipulates that one requirement for joining Economic and Monetary Union for the candidate member states is to give their central banks a sufficiently high level of independence. This official requirement has encouraged the countries from Centre and East Europe engaged on the way to adhere the Economic and Monetary Union to confer their central bank a great level of independence. In this paper we analyze some important theoretic issues about central bank independence. We also make an empirical investigation regarding the evolution of inflation within European Union relative to the independence of member states’ central banks.

Article 140 TFEU

2019 ◽  
Author(s):  
Leo Flynn
Keyword(s):  
Member State ◽  
Central Bank ◽  
Monetary Union ◽  
European Central Bank ◽  
Economic And Monetary Union ◽  
Member States ◽  
National Legislation ◽  
European Central ◽  
High Degree

Articles 121(1), 122(2), second sentence, and 123(5) EC At least once every two years, or at the request of a Member State with a derogation, the Commission and the European Central Bank shall report to the Council on the progress made by the Member States with a derogation in fulfilling their obligations regarding the achievement of economic and monetary union. These reports shall include an examination of the compatibility between the national legislation of each of these Member States, including the statutes of its national central bank, and Articles 130 and 131 and the Statute of the ESCB and of the ECB. The reports shall also examine the achievement of a high degree of sustainable convergence by reference to the fulfilment by each Member State.

Peaceful Change in Africa

2020 ◽  
Author(s):  
Markus Kornprobst
Keyword(s):  
International Relations ◽  
African Union ◽  
African Unity ◽  
Organization Of African Unity ◽  
Five Elements ◽  
Settlement Of Disputes

This chapter examines contending African interpretations of peace and change; how some of these interpretations have come to constitute continental institutions; and how these institutions, in turn, have succeeded or failed to make a difference. Its argument is threefold. First, African interpretations of peace and change converge around a nexus of five elements: liberty, unity, development, pacific settlement of disputes and democracy. Second, this nexus left a major mark on continental institutions, first the Organization of African Unity and then the African Union. Third, although Africa’s record of peaceful change is very promising when one is to apply markers for peaceful change traditionally used in international relations, the continent has experienced very pronounced and persistent obstacles to implementing the five elements of the much more demanding nexus.

The Crisis-Induced Developments in the Economic and Monetary Union

2020 ◽  
pp. 18-65
Author(s):  
Menelaos Markakis
Keyword(s):  
Economic Integration ◽  
Monetary Union ◽  
Euro Area ◽  
Economic And Monetary Union ◽  
Member States ◽  
Legal Principle ◽  
Democratic Control ◽  
Economic Developments ◽  
Eu Economic Governance ◽  
The Eu

This chapter looks at the crisis-induced legal, institutional, and economic developments within the Economic and Monetary Union. It consists of two parts. First, there will be a brief sketch of the crisis-related developments. These include the setting-up of financial mechanisms, the European Central Bank’s interventions to combat the crisis, the enhanced oversight of national fiscal and economic policy, and the increased supervision over the financial sector. Second, there will be a ‘first assessment’ of their constitutional and structural implications. Two sets of issues will be examined here: issues of legal principle; and the bearing of the enacted measures on European economic integration. Three key arguments will be made in this chapter. First, it will be argued that the measures enacted have led to legislative fragmentation and have exacerbated problems of transparency and complexity which already existed in this area. Second, it will be shown that the chosen form of action has consequences for institutional balance in the EU, democratic control, and judicial review. Third, it will be argued that the enactment of measures which are only applicable to Euro area Member States has served to deepen economic integration within the Euro area and to further differentiate it from economic integration in non-Euro area Member States. Further, certain areas of the single market have integrated more deeply in the Euro area. It will be concluded that the various reforms which have been implemented have strengthened the EU economic governance framework from a legal, institutional, and economic perspective.

EU Institutions Representing Member States’ Governments

2020 ◽  
Author(s):  
Eugenia Dumitriu Segnana ◽  
Alberto de Gregorio Merino
Keyword(s):  
European Union ◽  
Monetary Union ◽  
Euro Area ◽  
Central Place ◽  
Common Interest ◽  
Economic And Monetary Union ◽  
The European Union ◽  
Member States ◽  
National Policies ◽  
Greek Crisis

The Council of the European Union (EU) occupies a central place in the Economic and Monetary Union (EMU), even more so than in any other Union policies. It exercises in this area a variety of roles going from a forum for coordination of national policies to legislative functions and executive powers. The different crises that affected the Union and in particular the euro area in the last ten years have strengthened its prominent position, in no small part due to the Council’s ownership by the Member States. Alongside the Council, the Euro Group, which is presided by a fixed-term president, has developed itself as the informal forum where Ministers from the Member States whose currency is the euro discuss matters of common interest. Its role has been decisive, in particular in the Cypriot and Greek crisis, which could have put into question the very existence of the euro area as a whole.

So Far, So Fair: The Local Remedies Rule in the Jurisprudence of the African Commission on Human and Peoples' Rights

2003 ◽  
Vol 97 (1) ◽  
pp. 1-37 ◽  
Author(s):  
Nsongurua J. Udombana
Keyword(s):  
African Union ◽  
African Unity ◽  
Organization Of African Unity ◽  
African Charter ◽  
Heads Of State ◽  
African Commission

Pending the establishment of the African Court on Human and Peoples' Rights, the African Commission on Human and Peoples' Rights remains the only institutional body for the implementation of the rights guaranteed in the African Charter on Human and Peoples' Rights. The Assembly of Heads of State and Government of the Organization of African Unity (OAU), reconstituted as the African Union (AU), established the Commission in 1987, after the entry into force of the African Charter, in 1986, and pursuant to its Article 64 (1). The Commission was established, inter alia, “to promote human and peoples' rights and ensure their protection in Africa.” That is, besides “any other tasks which may be entrusted to it” by the Assembly, the Commission performs three primary functions: it promotes and protects human and peoples' rights and interprets the provisions of the Charter.

The Mano River Union

1982 ◽  
Vol 20 (4) ◽  
pp. 613-628 ◽  
Author(s):  
Peter Robson
Keyword(s):  
International Economic ◽  
West Africa ◽  
Economic Integration ◽  
Monetary Union ◽  
West African ◽  
Economic And Monetary Union ◽  
Economic Community

Of the four current schemes for international economic integration in West Africa, the operation of the Communauté économique de l'Afrique de l'Ouest has been recently reviewed, the Economic Community of West African States continues to be widely discussed, while the agreement of the Presidents of Senegal and Gambia in Dakar on 17 December 1981 to establish a Senegambian Confederation, and to develop an economic and monetary union between the two countries, is as yet in its formative stages. This article examines the structure, progress, and potential of the Mano River Union (M.R.U.) about which little has been published.

scholarly journals Die strafrechtliche Verantwortlichkeit für Kartellrechtsverstöße nach dem Recht der Westafrikanischen Wirtschafts- und Währungsunion (UEMOA)

2021 ◽  
Author(s):  
N’Kouano Anasthasie N’Toumon
Keyword(s):  
Monetary Union ◽  
West African ◽  
Economic And Monetary Union ◽  
Eu Law ◽  
The West ◽  
Effective Protection ◽  
Member States ◽  
Legal Transplant

The study deals with the antitrust sanctions of the West African Economic and Monetary Union (Union Economique et Monétaire Ouest Africaine - UEMOA) and its member states, which was taken from EU law as a legal transplant. Differences to EU law are elaborated and, in particular, areas are identified in which UEMOA-specific problems require a different interpretation of sanctions law in the interest of effective protection of competition. In addition, the difficulties of implementation are highlighted and far-reaching and comprehensive measures are proposed, oriented towards European antitrust sanctions law, in order to achieve a more efficient prosecution of antitrust violations.

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