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Single Currency
A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union, which would have, in addition, a customs union and a single market). There are three types of currency unions: * ''Informal'' – unilateral adoption of a foreign currency. * ''Formal'' – adoption of foreign currency by virtue of bilateral or multilateral agreement with the monetary authority, sometimes supplemented by issue of local currency in currency peg regime. * ''Formal with common policy'' – establishment by multiple countries of a common monetary policy and monetary authority for their common currency. The theory of the optimal currency area addresses the question of how to determine what geographical regions should share a currency in order to maximize economic efficiency. Advantages and disadvantages Implementing a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Currency Union
A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union, which would have, in addition, a customs union and a single market). There are three types of currency unions: * ''Informal'' – unilateral adoption of a foreign currency. * ''Formal'' – adoption of foreign currency by virtue of bilateral or multilateral agreement with the monetary authority, sometimes supplemented by issue of local currency in currency peg regime. * ''Formal with common policy'' – establishment by multiple countries of a common monetary policy and monetary authority for their common currency. The theory of the optimal currency area addresses the question of how to determine what geographical regions should share a currency in order to maximize economic efficiency. Advantages and disadvantages Implementing a new ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007–2008, and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
West African CFA Franc
The West African CFA franc (French: ''franc CFA'' or simply ''franc'', ISO 4217 code: XOF; abbreviation: F.CFA) is the currency used by eight independent states in West Africa which make up the West African Economic and Monetary Union (UEMOA; '): Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. These eight countries had a combined population of 105.7 million people in 2014, and a combined GDP of US$128.6 billion (as of 2018). The acronym CFA stands for ' ("African Financial Community"). The currency is issued by the Central Bank of West African States (BCEAO; '), located in Dakar, Senegal, for the members of the UEMOA. The franc is nominally subdivided into 100 ''centimes'' but no coins or banknotes denominated in centimes have ever been issued. The production of CFA franc notes and coins has been carried out at Chamalières by the Bank of France since its creation in 1945. The Central African CFA franc is of equal value to the West ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Central African States
The Bank of Central African States (french: Banque des États de l'Afrique Centrale, BEAC) is a central bank that serves six central African countries which form the Economic and Monetary Community of Central Africa: *Cameroon *Central African Republic *Chad *Equatorial Guinea *Gabon *Republic of the Congo In December 2010, a WikiLeaks memo dated June 3, 2005, said that Gabonese officials working for the Bank of Central African States stole US$36 million over a period of five years from the pooled reserves, giving much of the money to members of France's two main political parties. Governors Philibert Andzembe of Gabon was Governor of the Bank of Central African States from July 2007 until October 2009, when he was fired by the new president of Gabon, Ali Bongo, in response to a bank scandal in which $28.3 million went missing from the bank's Paris branch. Jean Félix Mamalepot, also from Gabon, was Governor for the preceding 17 years. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank Of West African States
The Central Bank of West African States (french: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO) is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West African Economic and Monetary Union (UEMOA): *Benin *Burkina Faso *Guinea-Bissau * Ivory Coast (Côte d'Ivoire) *Mali *Niger *Senegal *Togo The Bank is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion. History Its predecessor, the ("note-issuing institute of French West Africa and Togo"), was created in 1955 and became BCEAO in 1959. The treaty establishing the West African Monetary Union (UMOA), signed on May 12, 1962, gave BCEAO the exclusive right to issue currency as the common central bank for the, then, seven member countries: *Ivory Coast *Dahomey (modern day Benin) * Haute-Volta (modern day Burkina Faso) *Mali *Mauritania *Niger *Senegal On June 30, 1962 Mali left the grou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Institut D'émission D'outre-mer
An institute is an organisational body created for a certain purpose. They are often research organisations (research institutes) created to do research on specific topics, or can also be a professional body. In some countries, institutes can be part of a university or other institutions of higher education, either as a group of departments or an autonomous educational institution without a traditional university status such as a "university institute" (see Institute of Technology). In some countries, such as South Korea and India, private schools are sometimes referred to as institutes, and in Spain, secondary schools are referred to as institutes. Historically, in some countries institutes were educational units imparting vocational training and often incorporating libraries, also known as mechanics' institutes. The word "institute" comes from a Latin word ''institutum'' meaning "facility" or "habit"; from ''instituere'' meaning "build", "create", "raise" or "educate". U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
France
France (), officially the French Republic ( ), is a country primarily located in Western Europe. It also comprises of overseas regions and territories in the Americas and the Atlantic, Pacific and Indian Oceans. Its metropolitan area extends from the Rhine to the Atlantic Ocean and from the Mediterranean Sea to the English Channel and the North Sea; overseas territories include French Guiana in South America, Saint Pierre and Miquelon in the North Atlantic, the French West Indies, and many islands in Oceania and the Indian Ocean. Due to its several coastal territories, France has the largest exclusive economic zone in the world. France borders Belgium, Luxembourg, Germany, Switzerland, Monaco, Italy, Andorra, and Spain in continental Europe, as well as the Netherlands, Suriname, and Brazil in the Americas via its overseas territories in French Guiana and Saint Martin. Its eighteen integral regions (five of which are overseas) span a combined area of and contain clos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CFA Franc
The CFA franc (french: franc CFA, , Franc of the Financial Community of Africa, originally Franc of the French Colonies in Africa, or colloquially ; abbreviation: F.CFA) is the name of two currencies, the West African CFA franc, used in eight West African countries, and the Central African CFA franc, used in six Central African countries. Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. The ISO currency codes are XAF for the Central African CFA franc and XOF for the West African CFA franc. On 22 December 2019, it was announced that the West African currency would be reformed and replaced by an independent currency to be called Eco. Both CFA francs have a fixed exchange rate to the euro: 100 CFA francs = 1 French franc = €0.152449; or €1 = F 6.55957 = F.CFA 655.957 exactly. Usage CFA francs are used in fourteen countries: twelve nations formerly ruled by France in West and Central Africa (ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scandinavian Monetary Union
__NOTOC__ The Scandinavian Monetary Union was a monetary union formed by Denmark and Sweden on 5 May 1873, with Norway joining in 1875. It established a common currency unit, the krone/krona, based on the gold standard. It was one of the few tangible results of the Scandinavian political movement of the 19th century. The union ended during World War I. Overview The original Scandinavian currencies were based on the silver Reichsthaler, defined by the Hamburg Bank as 25.28 grams fine silver, which was equal to one Norwegian speciedaler or two Danish rigsdaler. Sweden's ''riksdaler specie'' was slightly heavier at 25.5 g and was equal to four Swedish riksdaler ''riksgalds''. The Scandinavian switch to the gold standard was triggered by Germany's adoption of the German gold mark in 1873 and of the consequent disturbance in the silver market. The monetary union established the gold krone (''krona'' in Swedish) replacing the legacy currencies at the rate of 1 krone = 1 Swedish ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Silver
Silver is a chemical element with the symbol Ag (from the Latin ', derived from the Proto-Indo-European ''h₂erǵ'': "shiny" or "white") and atomic number 47. A soft, white, lustrous transition metal, it exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. The metal is found in the Earth's crust in the pure, free elemental form ("native silver"), as an alloy with gold and other metals, and in minerals such as argentite and chlorargyrite. Most silver is produced as a byproduct of copper, gold, lead, and zinc refining. Silver has long been valued as a precious metal. Silver metal is used in many bullion coins, sometimes alongside gold: while it is more abundant than gold, it is much less abundant as a native metal. Its purity is typically measured on a per-mille basis; a 94%-pure alloy is described as "0.940 fine". As one of the seven metals of antiquity, silver has had an enduring role in most human cultures. Oth ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gold
Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile metal in a pure form. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements and is solid under standard conditions. Gold often occurs in free elemental ( native state), as nuggets or grains, in rocks, veins, and alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum), naturally alloyed with other metals like copper and palladium, and mineral inclusions such as within pyrite. Less commonly, it occurs in minerals as gold compounds, often with tellurium ( gold tellurides). Gold is resistant to most acids, though it does dissolve in aqua regia (a mixture of nitric acid and hydrochloric acid), forming a soluble tetrachloroaurate an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Latin Monetary Union
The Latin Monetary Union (LMU) was a 19th-century system that unified several European currencies into a single currency that could be used in all member states when most national currencies were still made out of gold and silver. It was established in 1865 and disbanded in 1927. Many countries minted coins according to the LMU standard even though they did not formally accede to the LMU treaty. History Preliminary context The LMU adopted the specifications of the French gold franc, which had been introduced by Napoleon I in 1803 and was struck in denominations of 5, 10, 20, 40, 50 and 100 francs, with the 20 franc coin ( of .900 fine gold struck on a planchet) being the most common. In the French system the gold franc was interchangeable with the silver franc based on an exchange ratio of 1:15.5, which was the approximate relative value of the two metals at the time of the law of 1803. Initial treaty By treaty dated 23 December 1865, France, Belgium, Italy, and Switzerland ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
