The African Monetary Union is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank. Such a union would call for the creation of a new unified currency, similar to the euro; the hypothetical currency is sometimes referred to as the afro.
The Abuja Treaty, an international agreement signed on June 3, 1991 in Abuja, Nigeria, created the African Economic Community, and called for an African Central Bank to follow by 2028. The current plan is to establish an African Economic Community with a single currency by 2023.
Read more about African Monetary Union: Regional Currency Unions, AFRO Prototype Art Project, Membership, African Central Bank, Signatories
Famous quotes containing the words african, monetary and/or union:
“The confirmation of Clarence Thomas, one of the most conservative voices to be added to the [Supreme] Court in recent memory, carries a sobering message for the African- American community.... As he begins to make his mark upon the lives of African Americans, we must acknowledge that his successful nomination is due in no small measure to the support he received from black Americans.”
—Kimberly Crenshaw (b. 1959)
“There is no legislation—I care not what it is—tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.”
—William Howard Taft (1857–1930)
“The best philosophical attitude to adopt towards the world is a union of the sarcasm of gaiety with the indulgence of contempt.”
—Sébastien-Roch Nicolas De Chamfort (1741–1794)