Introduction: Why to Study “The Portuguese Escudo Monetary Zone and its Impact in Colonial and Post-Colonial Africa”

  • Maria Eugénia MataEmail author
Part of the Palgrave Studies in Economic History book series (PEHS)


In the context of the European colonisation in Africa, the decisions of the Berlin Conference of the late 1880s defined the territories of the Portuguese empire. The coincidence between currency areas in Africa and colonial empires makes the study of the Escudo Monetary Zone an important step to understand currency areas in general. Under Mundel’s 1960s ideas on economic integration and optimal currency areas (OCAs) the Portuguese Escudo Monetary Zone can also illustrate the purpose of economic growth and prosperity that was related to economic integration and monetary unions in a global perspective. The government decisions to join the European Free Trade Association (EFTA) and simultaneously frame a Portuguese free trade area in the Escudo Monetary Zone is here analysed as a macro-political experiment in Africa.


  1. Akita, Shigeru, Krozewski, Gerold, Escobar,ita Watanabe Shouchi, (eds), The transformation of the International order of Asia, Decolonisation, the Cold War and the Colombo Plan, London, Routledge, 2014.Google Scholar
  2. Alexandre, Valentim, Origens do colonialismo Português moderno: 1822–1891, Lisbon, Sá da Costa, 1979.Google Scholar
  3. Banque de France, Direction Générale du Trésor avec recherche historique par Vincent Duchaussoy, Zone franc, 40 ans de coopération monétaire, Paris, 2012.Google Scholar
  4. Bettencourt, F., Curto, Diogo R. (eds), Portuguese Oceanic Expansion 1400–1800, Cambridge, Cambridge University Press, 2007.Google Scholar
  5. BNU Boletim Trimestral, 2° e 3° Trimestres de 1966.Google Scholar
  6. Bonin, Hubert, Banque et identité commerciale. La Société générale, 1864–2014, Paris, Presses Universitaires du Septentrion, 2014. Google Scholar
  7. Bonin, Hubert and Valério, Nuno (editors), Colonial and imperial Banking History, Abingdon, Routledge, 2016.Google Scholar
  8. Grauwe, Paul, Economics of Monetary Union, Oxford, Oxford University Press, 2014.Google Scholar
  9. Krozewski, Gerold, Money and the end of empire: International economic policy and the colonies, 1947–1958, Basingstoke, Palgrave Macmillan, 2001.Google Scholar
  10. Maddison, Angus (2001). The World Economy. A Millennial Perspective. Paris, OECD.CrossRefGoogle Scholar
  11. R. Mundell, “Uncommon Arguments for Common Currencies,” In: H. Johnson and A. Swoboda, Eds., The Economics of Common Currencies, Allen and Unwin, London, 1973, pp. 114-132.Google Scholar
  12. Nautz, Jürgen, the Damin Workshop ‘Conflict potentials in monetary unions’, Warburg, 2015.Google Scholar
  13. Newit, Malyn, A History of Moçambique, London, Hurst & C°, 1995.Google Scholar
  14. Pintado, V. Xavier, Structure and Growth of the Portuguese Economy, Lisbon, ICS, 1964.Google Scholar
  15. Rathbone, Richard, and Killingray, David (eds), Africa and the Second World War, Basingstoke, Palgrave Macmillan, 1986.Google Scholar
  16. Rathbone, Richard, and Killingray, David (eds), Africa and the Second World War, London, Palgrave Macmillan, 1986.Google Scholar
  17. Salazar, António de Oliveira “Problemas Portugueses em África, Entrevista concedida pelo Senhor Presidente do Conselho à revista norte-americana LIFE”. Boletim Geral do Ultramar, Lisboa, 38 (443), 1962, R7, Arquivo Histórico Ultramarino, (AHU).Google Scholar
  18. Schenk, Catherine, Britain and the Sterling Area, London, Routledge, 1994.Google Scholar
  19. Schenk, Catherine, The Decline of the Sterling: Managing the Retreat of an International Currency 1945–1992, Cambridge, Cambridge University Press, 2010.CrossRefGoogle Scholar
  20. Swoboda, Alexandre, “Robert Mundell and the theoretical foundation for the European Monetary Union”, International Monetary Fund, December 13, 1999.Google Scholar

Copyright information

© The Author(s) 2020

Authors and Affiliations

  1. 1.Nova School of Business and EconomicsUniversidade Nova de LisboaCarcavelosPortugal

Personalised recommendations