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

• Autores: Annamaria Viterbo
• Localización: Perspectives on Federalism, ISSN-e 2036-5438, Vol. 14, Nº. 1, 2022
• Idioma: inglés
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• Resumen

  • 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.