or for an uh~pecified or unlimit~d"terll),

.'

'·1' ,-.'.'

granted fora lill)itedperiod

-. :'". '-".\. " ' : " :

Of course, the maximum period

or for an

uh~pecified

^or

unlimit~d"terll),

. '•. '";T .

of any post interim credit could coincide

,F only with the duration of the

paymeni'~"agr~ement

^itself. "",,"

j,;j,?A6.; ,Interim credit is of little use, i f the interviil between two

-i, s"tt:).,?rnentsis very shoz-t, Unq.er. CACH, for example, the in.tei;'yc,al.

.'-.' '."~ -/-.,'. ."

',,-was only One week. 'I'hi.s does not, give a member suffioient tim'e to meet his obligations without pressures, Under ,the EPU the interim

cr~d:it

was for a month but illlder the proJ>osed Casablanca' African Payments Union credit was to have been granted for three IIl;>nths, It has alreadY been pointed out that under Afrioan oonditions this WOuld appear most appropriate.

267. Under CACH, post-interim oredi t is gran ted to a maximum of half a year.

F~al

settlement resulting in the oomplete oleari,ng' of,the a cooun t.s was effected every_{"i-., . .}

15

J'un e and

15

^Deoember. No post-interim credit could, therefore, be extended b'eyond"those

dai~s

^{in,any one}

year. 'I'he Casablanoa Afrioan' Payments Union proposed the firial

.^", , .

olearing of po st-cinter .i.m ored.its at the end of

,the

fisoal year. This limits the periOd ,of or.e,di t to no more than One year. Under the EPU, the hand, ,^" _post-~te:i'im oredit defioit member ' oontinues

on . other

a:

^{to a}

for' as long as his· deffoit lastB' brfor the du;ration of the Payments Union Agreement.

Wj:th'tlle

greater 'proliferation: ofbila teral 'agres-ments in Afrioa thah;'in Europe,

iii""

greater liability of trade ba Lanc es

•

•

•

il].

~rica

. '

^to

~.

^"b.,in diSequil,ib~ium-;;h~

. .. '... , .. t!j"' "'1'i .,c' , ;',

in Europe owing

,\

t~ t~edet~r';;

i~~~fi~;teodS1l;c;j,es,in

their terms oftraile ·.e<nil;'be<ilau$e.of

the. :thre~t·

c: ".';' -.,\,~,,}"',',':' .. <:"';":':: ';,:'',':1;:).i,';"'::';" .d.'.-" :':'.':'_, ""'-:.'.-;';': T:.-;,::^,<'~>".':.::.>, ';:::",i.\:'-,' .• ':':":<:\:"'~",

to. 1>fri.can.

cW'rEloqiElssi<~miJ;J.g:frq\liinf,l"t tiof;l:!jl·~d (l~:pital

Hight,

• : : " " , , : . " " ' : . ' 0'- - : _ " ; ' . , : . : , ' , ,:':v,': ':<-,:,',' ':.:':.,r~' ':~';' ~L.,l"-'~:,,'.';'~<'<'_>··:,.::"~::::~," .

potentiaLo:ractual, the .E:i?Uprinoip;Le ofllla:\l:ing the

d,u:t's,tiQp qf

;-~, "',:.-':",'i:> ',;",.",,'1':"'<.,-"":'.::,-::,-. ': . . .'::','-''\., "':-;;'_,il:'~':' '-;"::. . . . ,:,.,"'':::_,:~

cred,its.. Qo2pc;l;d<;>l1tal,totg<;>·;life. of

t;h<;>P&lJlElnt$ag~<;><;>mel).t1'l0uJ.d ,':".:,,-: .; V'<',~.:,.;:"',.\::.,;!:;',.-. ,!,,:::t'- -; -;' -';.~ ::,:;<"",-"·,/:,!<,,,~':::';,i_-",,:~>l ,.--.,\;~,{'::,)"_~,,,;,,--,~,:, ',', - ,".'..- ,;.:.,

apIl<;>armoPEO 'iotime'wij;h,Afrj,can ,.Qoud;i,tiou$. "

:.<- - '.',<I:: ;:'::''<:::'''.';'::, ;'.' ':-",>"~::~-~ :':"'-'~1, ':,c, ': '.'- "",:: ^-''0, .:,':'-, "; !~, ',:,,:;::.: -',.:-~,~,>t ^{t;( -,} 'i"~;:'.

" <:,' ,'..' -", -:. " ",' ,', ..''. ,', ' '." -:-.'" .: ":" ":." - .' ,.. '-', ·1 .' :-',," .: '_' '.::',," ,~,_:^{_,' r :,:, ..} " " ,"-", .. " :

2Ii&.1

tji(l)!1~j~t1~~~J.Allile~t;t'l;~,~ ep,~t.••.C<\~9~', ~l).Hre rl,¥'It;~~?!P~~~¢ •:,I;!~~~~~,

~i;;~;;~;~~l:!:::;~~:;~~t;~;;:~~~~~~·:: !l).'!\;ra;i:;~Q~~P~Yni~n't;$A@r$~Dl~ts" .. ,.~· aut.om.attQ,;'~l~im:l;o,q~edq;1<.ia~o$~

in,~qn~d.q~~Pie,.~tJD:th~ ·.mq~"II)<;>ntl1.',o~4'lPi t;dm;~i~¥''''9~~j;j,~~'~j,94.

ConyeJiS<;>1V, ... WIder' EWU", certa,in'll.u,tpmat~¢ Obli~l3.t;!,9R"P!jl,;t;g~ P,<!;r''1;"of.;, thecrec;l;ito:r.>. arcse. if his eumu,lll.tiy<;>pre!:i.i·t lay

within Mil

Pr'l4it

'iH');_;'~c"">:":!:IC~')( ",:::::_,/ -:,.if' },::-. '/"_~,:>:.::".:,,:_.,, ,- ,:;,-':""';>:,(:, _""""::::/::.,:i' .'. :"':>":r'-",'iL:~~:'::L:., _ '

quo1;Il.'. '. :F1:u:'1;h0:l"ljlore, WIder. th.." Ji+tr....

~C\'P~ ~yl!'entt' ~~~~)t,.. an

. ·"'i,".:, ' . , ' ; '<'::';,:" :,' ,'. \'::::.:1 .' >_"., '\"""'-"., ,i' ::.', r:·, _:,;.<.:,~ '.-":.,.':; ,:;"_'\:i;:_;..,,·:_,::\:::>~::o\::\':":':~-·:> ~",.'~_;

aut.omata

_{l -.}

c obligation to prOVide credit arose in rEOspeot' of: any .;ino'r,e.c. .

te, : , " r , .' ," ''-:. ,^:,'c'

lllent 9fcredit dur;ing the

::<,::;:"'-',,:" -, . - ;;:; _~14'rent.. " .. ;', - ,-,

liettlement pe:r.;iod.

--', - " " , . ','. :::)

269; TMPpposite of·en;au,to!ll1.tic,

eotiFemenj;aJ;l40b.lliga~ioni$ 1j~ew

discretion¥'Y

e~ti

U<;>ment,!'nd ol1ligiJ,tion •....

Un<t~pth<;>~,!!l* ;pq.st~f'

~.~~~"ai~~l¥~~\~:s,f~~~;:;~;;;~~~~:;~;~te:~;~~~:~~;pd~~~~I ^.

O'v~r'oc)n.e~:tsbalan$ie'9f'paymen:ts:et:i.seq\i£;J,ibfitlln,:

'rhis

l:j,~~l;i,liR·b!l:,

.:.,:,-,'''::'J-'' -'.,-". ","'-'., _.,", ^{_i "} ,'0-::, , ,'. ',', ". ~,_".,'. "-"",~: ,:; ,.:':" ..,._.:,.'; :..;:..:.:,:

ileii:eh:etk''P'O:'th, 'iipQn:''the'cir6illns't!>.nces . and thE!

·oi'gan.j.~ed'w:tll·,bftbe

co~~~~i~ir~it~~ff;[:f, ...;' ..••.• :, ." , , ' . '

^il.

Ii I. . ,'. :.',;, .'"e

270. ''JIQt'lliegh;;rgf>1i4f> entj,.tlam<;>nt·' to crecli~ifromi,i.n4y.~\ingpa~a~~1;iSm,

·~t:i~'~~~~l~rr·~fh~~~~YI~d~~~ie<!lt~~,.t.~ ^.•• t1i~~,~;tt(~~~·!e,~e~,~; ^..

^1'.'

ci<;>r1;alri

'a~{·eei'Of:.;il.e1;'<;>rJ;' <;>1'J,

cie.',AIMe:i:>;tl;e::EPU"

ilii'"~i

,,4one'thWo·. "h . ili.;.~~~~i~~,:,~~m~~l.· ^•.• t~;;i •. ,t~.el h~kh~ljl~k~'~~an~~0;~;::~~~'t~¥~.iir ^{.•..•....}

~uotasilitowhiqh ^'ihll; '~JJl)itilil{~*k; d~ti@~tha';;h~ilti-+<;>: ;sm'ahert~il" ^{, .:}

1:;~;~~~::~~;'~~a:i~:i0:~~~,~t~::~t~~:~~ir;~~;1:~:r!t,:~~::~=: ^•..

chiJgeis't~\ict\ili~d't oh'~·.i~Qii?~Q~l'b~ ^.', ~Xi<i~g,~c<!lebia~~~;'td 't:ii~: .

". ':t. ,,' ·r':->::;;.::' '::'~:_:.:".. -:1.-,,' ,-: ,.:.1. , -::,:' ::' .~^..\-/,L"'~_;".. _,:,"\ -:-",':').1":';'::- "".,~"^{,';,"l 1-;: 'i',}

>: ,',

(~\,,;,,_,:;";':':,':"'Vi^I:;'

exhauat rcn.

of,:,;Ui.e,~,~\ilatJ1;,q;;t01;40y:th.tl"defioit

:nil,ijpp<;>r; or,ail''a.:iji

,a~'

,

-.:."~",-:,,, 1.;- -'!;,'.\,._., - '.';'" >,':;(~,: :,::;,.,,," ::,.;~},:"" L}t/.;:.:,

..-)' ~

.('(:""

.

:::t:=;::~.h::=':;:~~~';~~;:~~~~~~~~~~;'~::::::;:~~~~l;:~::~:~~~;.': .

deficit't\Ilel7lR'!'J;' f" ';J5:: .i'~" ,U:;;~;(;.". ,., '1""':"';':""',,1'<""

271. 'Fdf.'aei"3:d

i

ti"m;' El#i\il~g:':(lj'tnit'ere\cff.t!qftdta)$otJe" paythE1ri:t'~,'tli!tGris ^;[,

r eq'tll'e+qo·. Per ,

centClo;mPffniJn4H'(i'i,~ljjetaa±::pNiii

^13ibel'

';M1fe';~r;;:, ,t~~';i;:S

'I~~~i~ihl1#jt.Jf~~(i#~Yi ^,: A~i;~l~ea;~,;Wd~;J;iJx,~$~t Ef.~~d~tb~T,J {J1lJ.~!,wM~

^e

',9~<1

^;;

the~t~jl~~" @.~t:i,~~~\"r;!t9",~p.~e,J:l\'l~d,

^.ing,9

M· L~~ltdt~~iW~31~+J9,~'jj~~;,i~xs~~aL;:

surPl~!hiS.;>§MJ!il~;;LMt;\l90BllEl~~t~~!l';b~,~~~,~@d~J1m;B~~~OjJ:j,?8(J~91t\~:,

..,-.,,",;:

HP:1eYWt.t (}~:r;o¥laB¥¥C5\ ^s: 90~~eJ;l*,?\i)t~~~'+~,~fI,i.i~~1~~'&(~''?'i:~.e?ie,~'\>;'~if:~i9!jl~

9Jl!th~l'0t.ft.!!J!Hfi!=te,~!! "'l.ll'P~1;ls

^{.' ,,' ' . .. in}

.g?14'a~<j. ~o,gr&n~;.J1he"Bf~l!1ll;ining,~9,:H~

^{. . '.' -, - ' , - , - '..,_., .}

cent';J.s,if!l!,!aB~prm;J.Lq:I;1jl4~hi;QllPlr~,. . . J ' . ,,'

c",,, '.. ^':'1

272~ Wii!t:hf)the':defiEi~'il\erl1berissu15~;!;oi; ^totnie deg3:'e~'~f.rd!rterrencElt

theicr:dH~i"'mElmMf'enj6~s'som~"aegre$"6f~c'i)U1>1ig~moo~.,·;,,.{j:i\:def ,EPtfj".'''·

for"iiiii{aiice,·the

^c·c :ii'ced i t d:i! eiii j 0Ys ,J

a ^b !ii gher( pf 6poil't i o!11

6f :·' t li>t t l llmen l ( ,j·U!,>, in gold the higher tttel•

t!'anillH!"'oNt:ds . i\red,it'-qudta;'~ ^'to

'whicl1'ai's"'1 :""

ouml/.;l;i!tt iye ,i.§WP'l-¥!?";eJl-ph,e!,,~, ,

M\\?;'lt~§:, a,gtl'l~\1!ia,lilin q~~;

. - - ..' , ^ve.:.

j;~,ll~!'l

-'. '.

'FR'; .

continu.E1'):1uHqij'J,(,>,u:PJ[!ilUIilll~", alf\'L,..kPc;~i.(.'G1l1~ 'j;h!l h~,&'~e:f.<;lmqpntSc!l~fi:'·

cr edit 1fh:ie91i1,,!J:e,:!^"

y.!?Ii''F9u~a1§

^{" sh}

~''''P0rt~IjlquljlJ1.9~'(') ,~/.}e"llf;t'ipjln~a~~;I;

^{" ' , , > ' - " . . . . .} ". • . . • " ^.fl·!','-'^';,"!'

Union}IOU:I,d~bil

1Y'",;\,;I,

",\l,~i'il,~4"

iliR1:!H,:j.14i;;i;t)l1il.lJ.8Ri

~'.!l:!i.Hr\V!1jle.iq:;to,c~'j;!1

^{.' ' i i .}

•

273. :fHauta

nH ,.

^aU':pii~meii^t

iJ

.itinioiisa:gfle;!;iii\ili~

s"

^{set,lout"eilnd.±t}tlotl·l!ln"

for repayment.' . These conditions for,repayment - except .for';':liii;·~'im^,in,)

C,\"li'.4J:t.~""'iYTF¥:y;j,M~¥ ',,':J:!!

cfl'e,

,,~sE): ~f;(~,till:H!I',!.qr(li'.4~t,§' 1;/l!~~~tjl!iw or ,"

trea tme;lJ.t.iI?Rgs;t,+~at.e4,bJ(,tl~!mjt:L!,p.1'i(~*eF:i,l\l t:r;1¥EhtPf,1,! ilX~Le;!\fld~

tl'l.i ,'" • wh~chJ:~wMi;?j;d'le,

F,S'pa;g, ay

~~r!:,,<!!l ^J?\il

y

t ;j,.\!jll.!il1

t

~;i.!Jl,'i'"ccJt,,;As'!<!ih.~,.,

RoM '-:,["" ,;

in terimr.CiF

~gJt'?i{¥htqh·,1,,~l'i4',

;l;hf)!Jl'1l

el.Y~l'1wo.;~g~" iff _v\O'1~wt~

^{,1:1' ..n}

¥,~:P~~Il'~1t ^'1:",

^I'

maYl1'e¢9%ld~,Hol1a.l~l\pn~(t~,~ .,rli'Vli'J ?+,;!l,C~~J1l];l~~;ti'~j4(>b~!lJID~,~~JF'

llpJn, -: . tb@;,~jleY'<,;i!-''I?f':I.f!:;:I1Pf.:j;; e~m~n~-?·(',P4cg

"Jet

'jl1i\l~,l?,.E). l1,e1/lel)lp~f'Ii;~" ~;t'~,en,tedh ^i"

a

.fAulil,l; ;rI~P~iYDiI;llfl t, ,'0~"lt: 1'2 Jilj;T~,1i,E)r iJ~".f';r;

^,,,(Jilit

:&$;~,I3.J,?fe\j,~;~eltw,:j.ne:44i';j~1,,;

namely l,.jHtr~~

·;;ttl,@;,.J5,

PIi'~W!fl1?,~r';~!l-,~h,¥e?-;t;., ^,T!le 9a'iaR,+ap.,Q't,,~9i5',E)~e1i ^{t, ,,{.}

an ticiPIlted tin."l

~~tJ.;l,!i;ffieP)h J<'P:, ;tb,!'idn~;of:ey,llr;)li:r.:i.s9a;1(ire%.

^{, i . ,}

"C','

\:7,.r.:,,'$,r'

:" ,

•

274.

Eqtiaily

S~j±tisl:\isual

for the paymljnts union agreemeJJ.t tp , presortbe the0;irrencyfOr rspayinerit

ofcl;a~in~:c;~dits. ^Iv. geIl~aJ,:

t)lree

pi'incip~'l';;'tY'Pes'

of c1.ttrehcy

~iiy'

^be

:p~es~bbed

singl;yorjointil.y •

,;'1 ,',

'.,I-:i:;:-2~':;':·;) ~,,-:,:.1·

tli'e

:\~~nsi;'eia~l'~'~Hs

^of

ad6'1;~t

, , ; , ' 'b""eatlld by

theunio~

^',:;

';r;.i,

Li;:i~S'i,jl+'.;

Unde'rPrf~s~~tA'f~ican' condition"s,::tJ:1~

Frenchi'raric<1liet"fhe' Brit1.l>J;:: , . stel:'i:i!1i are fully bOllvertibi'eaiJ. rion:"resid~'utacc()Uhis.and' count as

,','.' -: -rr- - ", " ... , -' . ' , ' ,," "\,,.,,' , '

275. Inpl",OE!S

,inLa:tinf;Ame:Iiica as inAf~±Cawherethe~eis a '.f',,'.

proliferatib~ ofe",ch~ge~~~triO'tians:;

^{a payments}

·unio~may,ha:v:eto estabHshprC>()edur~$±'ormutuailoomp1i~cewij;ll

tb:ese'restri6ti;ns "',:

of the member coun'trLes,

F0r'il'xaniPle;CAC'k:i~Obligei~o

^{epter into}

its debit and credit accounts only those documents which bear the

obliges its flight of

, ,

the r-egul.atLon. to prevent comply.w±:t':h

majority'of 'African count;'ies have elaborate Since the

capita.l.

member c'ountries to

stamp of validation by the exchange control of the country from which the paymen-t or;iginated. Conceivabl;Y;.,the same documents mighta.;J.so be made to haveastamlJ of. registratiod:by the exchange coritro::.dt the, member oountry to which pa.ym}mt is to be made. CACH a.l so

...

exohange restrictions it would appear reasonable that the African payments .un Lon shoufd' organize mutual support in complii'll'tce 'of such, restricticns.

276.

The best way to ensure mutual compliance with exchange restric-tions would be to channel all tn-payments and out-payments of each country through the union. Only in tltis way would the respective

- , ' , ' ,~:,,}~.

countries be able to know that" the e5cchange restrictions have been

Dans le document Conf6rence of Governors of African Central Banks (Page 104-107)