The Portuguese Escudo Monetary Zone by Maria Eugénia Mata

Author:Maria Eugénia Mata
Language: eng
Format: epub
ISBN: 9783030338572
Publisher: Springer International Publishing

In fact, regulation mechanisms were designed only to smooth out transitory disequilibria, and the existence of a Monetary Fund was considered enough and efficient to support and fund the institutional EMZ framework. Its problems became a case study for appraising the future of monetary unions in general.7 The escudo zone was made up of highly differentiated territories and, although some people argued that the disequilibria that were then revealed were not structural, the fact is that they proved to be permanent, and showed a trend of progressive deterioration:(…) the Boards of Foreign Exchange Management Funds of the main colonies, to whom was given the task of setting the exchange operations required for regular payments among national territories, could not award enough reserves to avoid the accumulation of non-compensated balances, which were currently named ‘delayed’ (atrasados).8

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