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L'efficacit� de la Politique Mon�taire en Situation d'Incertitude et d'Extraversion: Le Cas de l'Union Economique et Mon�taire Ouest Africaine (UEMOA)

  • Kako Kossivi Nubukpo
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    La politique mon�taire conduite par la Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO) souffre d'une faible efficacit�, au regard de l'absence de liaisons existant entre l'objectif de lutte contre l'inflation que l'Union Economique et Mon�taire Ouest Africaine (UEMOA) lui a assign�e et les instruments dont elle dispose (taux d'int�r�t directeurs). Elle est �galement la proie de critiques sur l'absence d'objectif de croissance �conomique dans son mandat de banque centrale de pays en d�veloppement parmi les plus pauvres du monde. L'objectif du pr�sent article est de montrer que certaines sp�cificit�s de la zone UEMOA, notamment la pr�gnance de nombreuses incertitudes dans la zone et la forte extraversion qui caract�rise la structure et le fonctionnement de ses institutions, sont � la base de cette inefficacit�. Leur prise en compte permet de r�soudre certains des paradoxes que suscite la politique mon�taire de la BCEAO. Des pistes d'am�lioration de l'efficacit� de cette politique, ainsi que les modalit�s d'une red�finition �ventuelle de ses objectifs sont sugg�r�es. The CFA franc is one example of the perpetuation of the (post) colonial link between France and its former African colonies. The BCEAO, which manages the CFA franc in West Africa, runs an inefficient monetary policy, in which there are few linkages between the fight against inflation - a policy established by the WAEMU - and the instruments at disposal, notably its ability to set interest rate ceilings. It also holds in reserve too much exchange with the French Treasury, and although it is the main bank for the poorest developing countries in the world, its objective is not economic growth. Finally, within the bank, there is currently no debate taking place about the opportunity costs of rigidly pegging the CFA to the euro in a context of weak export competitiveness amongst the WAEMU economies and a 'strong' euro. The structure and functioning of WAEMU are highly externally driven. This explains the weakness of monetary policy within the BCEAO.

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    Article provided by Taylor and Francis Journals in its journal The European Journal of Development Research.

    Volume (Year): 19 (2007)
    Issue (Month): 3 ()
    Pages: 480-495

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    Handle: RePEc:taf:eurjdr:v:19:y:2007:i:3:p:480-495
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