The C.F.A. Franc Zone: A Monetary Union in Practice

The C.F.A. Franc Zone is a monetary union which has existed for decades. This paper describes the structure and operation of the current arrangement and examines how members’ economies have performed in recent years both as a group and in comparison with other Sub-Saharan countries. The evidence would suggest that, while this particular monetary union may offer definite advantages to its members, it is not a panacea for all economic ailments. It is perhaps appropriate to bear this in mind, especially at this present time when proposed monetary union in Europe continues to generate much heated debate.