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The End of the Escudo Monetary Zone Fund in 1980. The Continuation of Co-operation

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

Abstract

There were proposals to extinguish the Escudo Monetary Zone Fund in the period following the independence of the ex-colonies, but the three issuing banks of the system required their capital in the Fund. Only in May 1980 was it possible to clear the balances of the Foreign Exchange Management Funds of the ex-colonies regarding their debts to the Escudo Monetary Zone Fund in a multilateral way, thanks to a decision to re-evaluate the gold reserves of the Banco de Portugal. Cooperation with the ex-colonies continued after the extinction of the Fund, especially because they abandoned socialist political blueprints when communist political regimes failed in the late 1980s. This was the opportunity for market operations in these African regions to give place to capitalism and global institutions.

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Copyright information

© The Author(s) 2020

Authors and Affiliations

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

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