The west African CFA franc has long been the subject of anti-French sentiment. The symbolism of ditching it is powerful
, done well, is meant to put everyone but economists to sleep. Yet in west Africa it has pulled thousands of protesters onto the streets. Many locals have long objected to the west African and central Africanfrancs, two monetary unions pegged to the euro and backed by France.
Confidence in the eco is waning even before it has been formed because the old safeguards are being dismantled. Today, countries using thedeposit half their foreign-exchange reserves into an account at the French treasury. When the eco is formed this obligation will end, presumably allowing them to go to the Central Bank of West African States in Dakar . The French representative on the currency union’s board will also be shown the door.
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