Samir Amin proposed abolishing the operations accounts and creating national central banks

Evidence

Diori had been reflecting for several years on a reform of the franc zone. In 1969, he had asked for the opinion of the Franco-Egyptian economist Samir Amin. Here is how Amin recounts that episode: ‘Hamani Diori wanted to know if it was possible to reform the CFA zone so as to give African states a margin of autonomy that would allow them to control credit and direct it towards those activities that would have been more useful for their development.’ The economist submitted to Diori a proposal for a reform that envisaged the creation of national central banks and a monetary union that would bring together all the countries of West Africa, which implied the abolition of the operations accounts and the end of the French tutelage. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 172

Categorization

• DEFINE: Describes what abolishing the operations accounts meant in practice — national central banks and a monetary union.
• XREF: connects to: Implementing genuine Austrian policy would require abolishing fractional reserve banking — Mark Blyth, Austerity: The History of a Dangerous…, 400