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11 A carve-out is an exception (exemption) to a rule or agreement. 12 Beyond the GATS schedules that reflect what each WTO member is committed to offer to the membership, demand-side interests of African members pertain to what is being offered to them (albeit non-exclusively) by the rest of the members in their schedules, as well as through the interpretation of GATS rules (e.g. at Services Council level) and trade ministerial rounds, where the General Council can take decisions that exclusively target Africa. 13 For example, a submission proposed by the Africa Group for services contributed to the adoption of two modalities to govern the treatment of autonomous liberalization and special treatment of LDCs in WTO at Services Council level (WTO, 2003a, 2003b). 14 M2 is money and quasi money comprising the sum of currency outside banks, demand deposits other than those of the central Government, and the time, savings, and foreign currency deposits of resident sectors other than the central Government (World Bank, 2014). 15 Prudential regulation, concerns regulatory monitoring of a bank’s asset quality and effectiveness of monitoring; capital adequacy; and other portfolio restrictions to avoid financial instability.
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