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The European Association for Banking and Financial History (eabh) e.V.


Money in Africa

Monetary and financial decolonisation in Africa in the 20th Century

9 Oct 2017 at 1:45pm

Lisbon, Portugal

eabh in cooperation with Banco de Portugal and Banque de France

Monetary and fiscal processes are important elements in state building and in managing international economic relations for emerging economies and new states.  These processes were also important during the transition to constitutional independence in Africa; however little attention has been paid to the trajectory of the monetary and fiscal processes of decolonisation in Africa. The topic is less researched than the political or socio-cultural decolonisation processes. However, it has had important implications for the economic development of these states.

The objective of this conference is to shed light on a range of different historical cross-experiences. It will provide a comparative analysis of the Portuguese, French, British, Belgian, Spanish, Italian and German cases of colonial transition in monetary and financial matters.


13.45-14.15MONDAY 9th October 2017

Welcome coffee break
14.15-14.30 Welcome

Carlos da Silva Costa (Governor - Banco de Portugal)

Carmen Hofmann (eabh)
14.30-15.00Keynote speech: Lessons from the monetary decolonisation of the British Empire
Catherine Schenk (Glasgow University)
15.00-15.15 The history of the monetary decolonisation: a bird’s eye view
Olivier Feiertag (Normandy University)
15.15-16.45First Session: Facing the course of history: national experiences of colonial monetary zones

The Banque de France and the creation of the Franc Zone (1944-1952). Continuation of the colonial pact or turning point of monetary decolonisation?
François de Coustin (Banque de France)

The escudo area in Africa and optimum currency areas
Maria Eugénia Mata (Universidade Nova de Lisboa)

Banque du Congo Belge to Belgolaise: The evolution to its demise of a colonial bank 
Adrian E. Tschoegl (The Wharton School of the University of Pennsylvania) 

16.45-17.00 Coffee Break
17.00-18.30Second Session: Ruptures and continuities: monetary transition from colonial to post-colonial times

Africanising and decolonizing a central bank: the case of Banque Centrale des États de l’Afrique de l’Ouest (BCEAO)
Vincent Duchaussoy (Normandy University)

Monetary Transition in Cabo Verde: From the Escudo Zone to the Exchange Agreement with Portugal
João Estêvão (Universidade de Lisboa)
9.00-10.30TUESDAY 10th October 2017

Third Session: Managing monetary sovereignty after independence

Monetary transition in the Portuguese-speaking African countries: the case of
Mozambique, 1961 to present time
Napoleão Gaspar and José Cláudio Mandlate (Universidade Eduardo Mondlane)

The functions of compte d’operation and its effects on the l’Union Monetaire Ouest Africaine (UMOA) economy between 1959 and 1994
Toyomu Masaki (Kanazawa University)

Nigeria, British Economic Interests ant the Sterling Guarantee Agreement
Chibuike Uche (University of Nigeria and Leiden University)

The exit of the overseas banks from South Africa
Piet Geljon (independent historian)
10.30-11.00 Coffee Break
11.00-12.30 Monetary policy in Africa today: between sovereignty and international cooperation

- Abdellatif Jouahri, Governor of Bank Al Maghrib
- Carlos da Silva Costa, Governor of Banco de Portugal
- Rogério Zandamela, Governor of Banco de Moçambique
- Michel Camdessus, former Managing Director of the IMF (tbc)
- Abdul Nashiru Issahaku, Governor of Bank of Ghana (tbc)
- Lounceny Nabé, Governor of the Central Bank of the Republic of Guinea (tbc)
- Tiémoko Meyliet Koné, Governor of Central Bank of West African States (tbc)
- Ian Plenderleith, Chairman of the Board, Morgan Stanley (tbc)
- Caleb Fundanga, Executive Director of MEFMI for Eastern and Southern Africa (tbc)

Moderator: Olivier Feiertag
12.30-13.00What we learned (or not) from the process of monetary decolonisation in Africa
Nuno Valerio (Universidade de Lisboa)


9 Oct 2017 at 1:45pm to 10 Oct 2017 at 1:00pm


Banco do Portugal
R. do Comércio, 148
1100-150 Lisboa

Lisbon, Portugal

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