While the economic woes of today’s Eurozone may give pause for thought on the pursuit of regional monetary union, African leaders remain steadfast in their aspirations for shared currencies.
Around the same time as the Maastricht Treaty laid the foundations for European Monetary Union, the 1991 Treaty of Abuja set in motion the continent’s initial integration program, the African Economic Community (AEC). The AEC was soon supplanted by the African Union in 2002 and ultimately aspires to establishing a continent-wide currency – the Afro – by 2028. The project aims to include a full suite of institutions: an African Monetary Fund, African Investment Bank and African Central Bank… Click here to read full article.
Remember the ‘good old days’? When budgets were giveaways, not hairshirts? When politicians ratcheted up the bidding to cut our taxes come election time? Sure, we didn’t need those billions from Stamp Duty. And, wasn’t income tax too high anyway? Yes, remember the good old days the next time you hear someone wax lyrical about why ‘we are where we are’.
So, where are we now then? The economy is still half banjaxed, even if it has been on the mend of late, but no sooner had the Troika rolled out of Terminal 2 than it was like déjà vu all over again. At a time when they’re still planning to make a billion or more in spending cuts at the next budget, government Ministers were hitting the airwaves with variations on the same tax cutting mantra. ‘Middle Ireland’ needs a break, apparently. Well, who doesn’t?