- UlissesCorreia e Silva, Prime Minister of Cape Verde announced Wednesday in Praia that the future of the exchange agreement between Portugal and Cape Verde can go “near integration” in the euro area, thanks to the convergence economic policies.
The Prime Minister, who was speaking on the sidelines of the first two days of a seminar on the 20 th anniversary of the exchange agreement between Portugal and Cape Verde, said that the archipelago, as a small economy, must be inserted into the spaces the euro area, the latter being one of these spaces.
- UlissesCorreia e Silva assured that the Cape Verdean currency would continue to be linked to the euro, adding that accession to a future single currency of the Economic Community of West African States (ECOWAS) will be taken into account. account.
“There is still no single currency in the ECOWAS area, which is envisaged, and we are also within ECOWAS to safeguard the specificities of a small economy that already has a long history of relations. and investment with Europe, “he said, quoted by the Lusa news agency.
The minister recalled that more than 80% of economic relations (trade, investment and tourism) are with Europe and reinforced the need to safeguard this specificity.
The Co-operation and Exchange Agreement (ACC) between Cape Verde and Portugal has been in force since April 1998 and assumes the fixed parity of the Cape Verde escudo (CVE) vis-à-vis the euro. Portugal’s conditional short-term credit facility in Cape Verde and Cape Verde’s adoption of macroeconomic benchmarks for EU Member States are among the other instruments of the agreement.