Discover and read the best of Twitter Threads about #mes_africa2019
Most recents (3)
First up @JeromeRoos who talks about the long duree of sovereign debt, based on research from his new book, but focusing mostly on the extractive role of debt.
#AfricanMonetarySovereignty #MES_Africa2019
#AfricanMonetarySovereignty #MES_Africa2019
Roos points out that according to the IMF, 40% of African countries are now in high risk of debt distress. Debt is still very pertinent and will become even more so over the next years. #AfricanMonetarySovereignty #MES_Africa2019
Uche explains the origins of the Sterling Guarantee Agreement: started w/ colonial rule for Sterling area countries & remained reserve currency of choice for SAC. This led to enhanced British trade w/ SAC (preferential tariffs & other advantages). #AfricanMonetarySovereignty
Uche continues: As the empire started diminishing, so did the Sterling. As we know, Bretton Woods Agreement hinged on gold and USD. Sterling devaluations in 1931 & 1949; by 1955 USD was leading reserve currency. #AfricanMonetarySovereignty #MES_Africa2019
The Sterling Guarantee Agreement ended officially in Nigeria in Sept 1973. #AfricanMonetarySovereignty #MES_Africa2019
On my way, can't wait!! #MES_Africa2019
I was lucky enough to catch the end of Elizabeth Cobett's (@uniofeastanglia) presentation. She studies Africa's financial architectures, and makes the argument that financial integration on the continent happens through powerful financial centers. #MES_Africa2019
The centers she identified are Lagos, Casablanca, Johannesburg and Nairobi. This is far from national sovereignty, it's rather an exercise in geopolitics. @CobettEli #MES_Africa2019
