When the Treaty of Rome was signed in 1956, the aims of European Economic Community were largely limited to creating a customs union and a common agricultural market. Neither was perceived to require monetary integration.
In 1968, the Mauritius Clearing House was processing an average of 2,000 cheques daily; today the number has multiplied tenfold. It is high time to move to a more modern system. The CTS will reduce work time and manpower and bring efficiency in the entire banking system.