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African Monetary Union creation of three African Union (AU) financial Currently, Africa has several different monetary _ institutions" following "the AU resolution to form the union initiatives as well as some existing monetary African Monetary Fund (AMF), African Central Bank unions within the continent. One initiative is the ACB) and the African Investment Bank (AIB)". The "monetary union project of the Economic Community governors “agreed that when established, the ACB of West African States (ECOWAS)", which is a "regional —_ would solely issue and manage Africa's single currency group of 15 countries in West Africa"... Among the — and monetary authority of the continent's economy”.” members are those of an already existing monetary On 2 March 2009, it was reported that "[t]he African union in the region, the West African Economic and Union will sign a memorandum of understanding this Monetary Union (WAEMU). The ECOWAS consists of | month [March] with Nigeria on the establishment of a Benin, Burkina Faso, Céte d'Ivoire, Guinea, Guinea continental central bank" and that "[t|he institution Bissau, Mali, Niger, Senegal, Sierra Leone, Togo, Cape _ will be based in the Nigerian capital, Abuja, African Verde, Liberia, Ghana, Gambia and Nigeria. The Union Commissioner for Economic Affairs Maxwel African Union (AU) was founded in 2002 and is an Mkwezalamba told reporters". Further, "{a]s an intergovernmental organisation consisting of 53 intermediate step to the creation of the bank, the pan- African states. African body will establish an African In 2003, the Brookings Institution Monetary Institute within the nex produced a paper’ on African three years, he said at a meeting o economic integration. In it, the LD) Pare African economists in the city” and authors started by stating: “Africa, It Is important he was quoted as saying that "[wle like other regions of the world, is to note that in have agreed to work with the fixing its sights on creating a . Association of African Central Bank common currency. Already, there are practice Canada Governors to set up a joint technica projects for regional monetary has given up Its committee to look into the unions, and the bidding process for preparation of a joint strategy".” an eventual African central bank is economic The website for the Kenyan about to begin." The report stated: sovereignty in Ministry of Foreign Affairs reported "A common currency was also an that "[t]he African Union objective of the Organization for many areas, the Commissioner for Economic Affairs African Unity and the African most important Dr Maxwell Mkwezalamba has expressed optimism for the adoption of a common currency for Africa" and that the main theme discussed at the AU Economic Community, the predecessors of the AU." It also stated: "The 1991 Abuja Treaty establishing the African of which involve the World Trade Economic Community outlines Organization Commission meeting in Kenya six stages for achieving a single was "Towards the Creation of a monetary zone for Africa that (formerly the Single African Currency: Review GATT)..." of the Creation of a Single African Currency: Which optimal Approach to be adopted to accelerate the creation of the unique continental currency”.* were set to be completed by approximately 2028. In the early stages, regional cooperation and integration within Africa would be strengthened, and this could involve regional monetary unions. The final stage involves the establishment of | A North American Monetary Union and the Amero he African Central Bank (ACB) and creation of a single In January 2008, I wrote an article documenting the African currency and an African Economic and moves toward the creation of a North American Monetary Union." currency, likely under the name "amero" (see Andrew The paper further stated that the African Central G. Marshall, "North American Monetary Integration: Bank "would not be created until around 2020, [but] | Here Comes the Amero", Global Research, 20 January he bidding process for its location is likely to begin 2008). I will briefly outline here the information soon"; however, "there are plans for creating various presented in that article. In 1999, the Fraser Institute, regional monetary unions, which would presumably a prominent and highly influential Canadian think- orm building blocks for the single African central bank tank, published a report written by economics and currency". professor and former MP Herbert Grubel titled "The In August 2008, allAfrica.com reported that Case for the Amero: The Economics and Politics of a "{glovernors of African Central Banks convened in North American Monetary Union". He wrote that igali Serena Hotel to discuss issues concerning the "(t]he plan for a North American Monetary Union "It is important to note that in practice Canada has given up its economic sovereignty in many areas, the most important of which involve Organization (formerly the GATT)..." A North American Monetary Union and the Amero In January 2008, | wrote an article documenting the moves toward the creation of a North American currency, likely under the name "amero" (see Andrew G. Marshall, "North American Monetary Integration: Here Comes the Amero", Global Research, 20 January 2008). I will briefly outline here the information presented in that article. In 1999, the Fraser Institute, a prominent and highly influential Canadian think- tank, published a report written by economics professor and former MP Herbert Grubel titled "The Case for the Amero: The Economics and Politics of a North American Monetary Union". He wrote that "{t]he plan for a North American Monetary Union JUNE — JULY 2009 NEXUS ¢ 15 the World Trade www.nexusmagazine.com