'Wir sind alle abgewertet !' Zur Anpassungskrise von Währung, Wirtschaft und Gesellschaft in der CFA-Zone

'We are all devalued!' On the adjustment crisis of currency, economy and society in the CFA zone

Dirk Kohnert

MPRA Paper from University Library of Munich, Germany

Abstract: The CFA zone was for forty years as a self-service shop of the African and French elite in French-speaking Africa. The depreciation of the franc CFA on 11. January 1994 broke the myth of the stability of this currency guaranteed by France, and with it also the world picture of the old guard of francophone politicians and businessmen, the so-called ‘Messieurs Afrique”. The latter were mainly responsible for the crisis in the CFA zone, which - in addition to external causes - is essentially due to internal socioeconomic factors. The decision about the devaluation means a victory for technocrats over the old guard. But this victory is a Pyrrhic victory. It does, however, imply a neglect of economic discussions and decisions; but it destroyed traditional social ties without building new ones, and brought with it the danger of social and political disintegration. Even in the opinion of independent economists, the decision to maintain F CFA's continued commitment to the FF signifies a lost opportunity to develop Africa autonomously.

Keywords: F CFA; CFA-zone; devaluation; optimal currency area; West Africa; Central Africa; France; currency politics (search for similar items in EconPapers)
JEL-codes: E26 E42 E52 F54 N97 O24 P52 Z13 (search for similar items in EconPapers)
Date: 1994
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Published in Afrika-Jahrbuch 1993 (1994): pp. 35-45

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