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: Centre d'Economie de la Sorbonne, https://sites.google.com/site/pagepersobrunotinel/

Documents de travail du Centre d'Economie de la Sorbonne from Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne

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 (search for similar items in EconPapers)
JEL-codes: E58 F33 F54 (search for similar items in EconPapers)
Pages: 16 pages
Date: 2016-10
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:mse:cesdoc:16069

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