[fre] Depuis 1999, le débat sur l’adéquation de la zone euro aux critères d’une ZMO n’est plus de mise. Il n’en subsiste pas moins un débat sur les risques d’une politique monétaire unique one size fits all conduite dans une zone économique et financière encore hétérogène....

[eng] Franc Zone : a strong monetary area nearing economic integration . This article deals with original characteristics of Franc Zone which proved its capability to evolve with the member states' economies since it was created in 1939. Moreover, the peg of CFA and Comorian Francs to the euro...

[eng] For this issue focused on the euro, each author has been asked to answer the following question : « What do you believe will be the main developments that are likely to affect, and possibly transform, the euro area and its functioning over the next ten years ? ». The whole set of...

[eng] Monetary policy, bank capital and market liquidity . The implementation of the Basel II Capital Accord highlights the role of bank capital in the conduct of monetary policy. The paper studies the three types of instances that central banks may face. In normal times, the distribution of...