Monitoring Regional Integration In Southern Africa Yearbook Vol 5 2005 PDF Download

In West and Central Africa, the CFA currency zone also acts as the linchpin of UEMOA and CEMAC, both established in the wake of the January 1994 devaluation of the CFA. [...] The agreement preserved the customs union while asserting new developmental ambitions through the establishment of infant industries protection to the benefi t of the BLS and a substantial increase in their share of the customs revenue pool. [...] They secured a substantial increase of the revenues of the BLS through the addition to the formula of a compensation factor of 42 percent that was rationalised 144 Monitoring Regional Integration in Southern Africa as a "surcharge ...intended to compensate member countries for alleged disadvantages resulting from the price raising effects of the RSA's [Republic of South Africa's] import control me. [...] The establishment of SACU in 1910 had gone along with the use of the pound sterling, and later the Rand, as the sole currency in circulation between South Africa and the BLS. [...] An important departure from the 1969 redistribution formula concerns the treatment of excise duties, still collected by the customs pool and at a uniform rate across SACU, but redistributed in accordance with the share of each member state in the GDP of the Union, but for 15 percent of the total duties levied9.(McCarthy 2004: 166-167) This percentage, earmarked as the 'development component' of th.