IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

L'efficacité de la Politique Monétaire en Situation d'Incertitude et d'Extraversion: Le Cas de l'Union Economique et Monétaire Ouest Africaine (UEMOA)

Listed author(s):
  • Kako Kossivi Nubukpo
Registered author(s):

    La politique monétaire conduite par la Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO) souffre d'une faible efficacité, au regard de l'absence de liaisons existant entre l'objectif de lutte contre l'inflation que l'Union Economique et Monétaire Ouest Africaine (UEMOA) lui a assignée et les instruments dont elle dispose (taux d'intérêt directeurs). Elle est également la proie de critiques sur l'absence d'objectif de croissance économique dans son mandat de banque centrale de pays en développement parmi les plus pauvres du monde. L'objectif du présent article est de montrer que certaines spécificités de la zone UEMOA, notamment la prégnance de nombreuses incertitudes dans la zone et la forte extraversion qui caractérise la structure et le fonctionnement de ses institutions, sont à la base de cette inefficacité. Leur prise en compte permet de résoudre certains des paradoxes que suscite la politique monétaire de la BCEAO. Des pistes d'amélioration de l'efficacité de cette politique, ainsi que les modalités d'une redéfinition éventuelle de ses objectifs sont suggérées. 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.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

    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

    in new window

    Handle: RePEc:taf:eurjdr:v:19:y:2007:i:3:p:480-495
    DOI: 10.1080/09578810701504479
    Contact details of provider: Web page:

    Order Information: Web:

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:taf:eurjdr:v:19:y:2007:i:3:p:480-495. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.