Impact of developments in the European monetary system (EMS) on the monetary and financial arrangements of a group of African not-English speaking countries not members of the franc zone

Abstract

In considering the impact of Europe 1992 on the monetary and financial regimes of African countries, one needs to address the question of the future of and developments in the European Monetary System (EMS). To date, however, the implications of the proposed EMS can hardly be known for sure and certain because they will be the results of decisions that the EEC will be obliged to take and objectives it will set for itself. While it may be presumed that from 1992 onwards, EEC monetary and financial measures will change the nature of the Rome Treaty Provisions that used to govern cooperation between the EEC and African countries, it is by no means easy to grasp the issues that will emerge after 1992 in Africa's monetary and financial policies. This report seeks to map out the future of the EMS in monetary and financial terms and the impact that its development could have on the monetary and financial regimes of those non-English speaking African countries that do not belong to the CFA franc zone.