Avantages de la parité entre le FCFA et l'euro

The objective of this document is to highlight the possible advantages of the docking of the CFA franc to the euro. Indeed, the current orientation of socio-political and economic debates, and even of certain articles, is increasingly believing that the main problem of the Franc Zone countries in their development process would be the linkage of the CFA franc to the euro. Thus, a total and radical separation would be necessary between France and the countries of the Franc Zone so that the latter could hope to reach rapid development; this implies that they should have their currency. It is clear from our study that the stowage of the CFA franc is indeed an advantage for the countries of the Franc Zone; it would be fair for the latter to know how to take advantage of it. Indeed, the evolution of indicators in these countries shows that the fixed parity since 1 January 1999 between the euro and the two CFA Francs favors the monetary and financial stability of the countries of the Franc Zone. By way of illustration, inflation has historically been much better controlled in the countries of the franc zone than in the rest of sub-Saharan Africa. Second, by guaranteeing the convertibility of CFA francs, the mechanism of the account of operations greatly contributes to strengthen the credibility of these currencies. In addition, by removing the currency risk within the zone and reducing it to external partners, the Franc Zone contributes to the integration of member countries into international trade. Finally, by establishing a common set of rules, the Franc Zone plays a catalytic role of solidarity and regional integration