Just As I Predicted A vote for Marine Le Pen is a vote for the independence of 14 African countries: Independence without economic independence is No independence: Voting Marine Le Pen might free Africa. Ms Le Pen said France had “shouted loud and clear” that it wanted to be run “by the French, for the French and with the French” and not by “foreign commissioners” in Brussels. Manuel Valls, France’s Socialist Prime Minister, said the victory was “more than a shock, its an earthquake”. We the Africans, like Ms Le Pen want Africa to be run by Africans, for Africans and with the Africans.. …Together, Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Equatorial Guinea, Ivory Coast, Gabon, Guinea Bissau, Mali, Niger, the Republic of Congo, Senegal and Togo, establish the Monetary and Economic Union of West Africa (U.M.O.A.). Their currency, the CFA-Franc is printed under supervision of the French National Bank in Charmaliéres, France. The Council of Presidents of the fifteen U.M.O.A. member states constitutes the highest authority of the union. Decisions of the Presidential Council are made unanimously. The Ministerial Council of the U.M.O.A. defines the monetary and credit policy of the union and it is responsible for the economic development of the region. According to the constitutions of all fifteen member states the creation of their currency, the regulation of its value as well as the regulation of parities and modalities is the exclusive privilege of the nation and its people and decisions about it are made by the parliament.The placement of French commissars within the heart of the nations and the union`s banking system however, creates an obvious dichotomy between the apparent sovereignty of the union, its constituents, and direct control from the previous colonial power.Three of the thirteen of the Directors of the B.E.A.C. are French and four of the eight Directors of the B.C.C. are French. The Board of Directors of the B.C.E.A.O. is constituted by sixteen Directors; two from each country plus two additional Directors from France who take part in the management of the bank under the same conditions and with the same privileges as the other Directors. The number and placement of the commissars gives them a Veto right at the board of each of the Central Banks. No decision can be made without their approval and France can enforce its policy by threatening to deadlock the economies unless decisions are made in compliance with French suggestions.The French Veto right also extends to the nomination of the Governor of the B.E.A.C.. The Governor is elected with the unanimous vote of the Board of Directors, on suggestion of the government of Gabon, and after the approval of the other member states as well as France.The Central Bank does not only have the privilege to create the currency. It also has the privilege to grant credit for the current accounts of the national treasuries at its discount rate. The Board of Directors is making the decisions about the temporalities and about the total amount that is granted for financing the economies of each of the member states.
Posted on: Mon, 26 May 2014 13:13:33 +0000
Trending Topics
Recently Viewed Topics
© 2015