Le fonctionnement des comptes d'opérations et leur rôle dans les relations entre la France et les pays africains

Bruno Tinel ()
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Bruno Tinel: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: The French authorities are responsible for the fixity of the CFA franc (XOF) / Euro exchange rate. Half of the currency reserves of the African countries of the Franc zone (ACFZ) are centralised on an operation account managed by the French Treasury. The CFA system is more flexible than a currency board, nevertheless it is not enough to match the monetary policy with the specific needs of a developing economy. On the external side, the CFA acts as an import subsidy and a tax on exports. On the internal side, the room to manœuvre remains limited in the present context as reserves are weakening with the decrease in commodity prices. The needs of the ACFZ could be better fulfilled through a more flexible exchange rate and the idea of monetary stability has to take into account the inevitable imbalances occurring on the goods and services market in a developing economy.

Keywords: operations account; CFA franc; currency board; monetary stability; compte d'opérations; franc CFA; caisse d'émission; stabilité monétaire (search for similar items in EconPapers)
Date: 2016-10
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01391233
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Published in 2016

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