Bilan de la dévaluation du Franc CFA et du Pacte de convergence dans l’UEMOA

This article is an extension of former empirical studies on fiscal policy and economic stabilization in the UEMOA area (DIOP M. and DIAW A., 2014). It presents the results of the first decade of macroeconomic policies following the devaluation of the CFA franc in 1994 and the adoption of the convergence pact by the UEMOA countries in 1999. The goal is to assess through national macroeconomic accounts and public finances the contribution of different sectors to the economic growth of this area, mainly the public and the commercial sectors, and then measure the results of the convergence pact. This paper states that the devaluation did not have the expected effects on the Union countries because it ended up with a negative contribution of the commercial sector to the economic growth from 1994 to 2003 except in the Ivory Coasts. This situation has its origins in the managerial policy of the public sector. The fiscal measures defined in the Convergence Pact caused pro-cyclical fiscal policies that led to a malfunction of the automatic stabilizers despite the perfect management of the public debt evolution.