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The Reallocation of Special Drawing Rights to the Benefit of the African Continent: a Proposal for Euro Area Countries

Author

Listed:
  • Annamaria Viterbo

    (Associate Professor of International Law, PhD - Department of Law, University of Turin, Italy)

Abstract

The paper describes the main features of the Special Drawing Rights (SDRs), the international reserve asset issued by the International Monetary Fund (IMF). After the historic allocation of SDRs equivalent to US $650 billion in August 2021, it has been argued that the wealthiest economies should ‘redirect’ (or ‘re-channel’) at least some of their new SDRs to the benefit of the most vulnerable countries. The paper discusses how to overcome current legal challenges to facilitate the reallocation of the SDRs held by Euro area countries to an ambitious Next Generation Africa plan.

Suggested Citation

  • Annamaria Viterbo, 2022. "The Reallocation of Special Drawing Rights to the Benefit of the African Continent: a Proposal for Euro Area Countries," Research Papers 598, Fondazione Centro Studi sul Federalismo.
    • Handle: RePEc:azz:rpaper:598
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    More about this item

    Keywords

    Special Drawing Rights; SDRs; International Monetary Fund; Africa; Europe;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F38 - International Economics - - International Finance - - - International Financial Policy: Financial Transactions Tax; Capital Controls
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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