La résilience de la zone Franc à l’épreuve des critiques persistantes

Abstract

The Franc Zone is an experience of monetary cooperation between France and 15 of its former colonies in sub-Saharan Africa, which has been in existence for more than 70 years. Long remained closed and almost forbidden to all critics, this area is subject to a recurrent debate that now goes beyond the restricted circles of universities and politics to involve civil society. After having briefly recalled its mechanisms of operations and relying on a summary comparative analysis of some available indicators, the article presents and above all analyzes the options for future evolution, highlighting for each, the advantages as well as the constraints that are associated with it. We recognize that there is no perfect exchange rate regime, and that the quality of governance remains the essential guarantee to minimize the impact of the shocks associated with each exchange rate regime.

Keywords

• governance
• franc zone
• stability
• balance-sheet