The Case for an African Payments Union: Lessons from the European Experience
Although there are international debates around changing the global financial system, Africa cannot wait for them to be settled. What helped Europe recover from a devastating world war could help Africa recover from the turbulence of recent decades. Africa cannot afford to wait for the rest of the world to recognise the urgent need for systemic transformation and adoption of a global clearing union, suggests Ann Pettifor in her article for the
Carnegie Endowment for International Peace. As an interim step to escape their predicament and gain more control over their economic fortunes, African governments should form a continent-wide payments union, modelled on the European Payments Union of the early years after World War II.
https://carnegieendowment.org
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