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Full Description
About one-third of countries covered by the IMF's African Department are members of the CFA franc zone. With most other countries moving away from fixed exchange rates, the issue of an adequate policy framework to ensure the sustainability of the CFA franc zone is clearly of interest to policymakers and academics. However, little academic research on the subject exists in the public domain. This book aims to fill this void, by bringing together work undertaken in the context of intensified regional surveillance, and highlighting the current challenges and the main policy requirements if the arrangements are to be carried forward. The book is based on empirical research by a broad group of IMF economists, with contributions from several outside experts. Fourteen African countries are members of the CFA franc zone. The long-standing link between the West and Central African CFA francs and the euro (and before that the French franc) has contributed to monetary stability in the region. Yet the CFA franc zone, like other fixed exchange rate regimes, must be mindful of sustainability and competitiveness.Diversity and relatively loose economic integration among member countries add to the challenges. In reviewing policy options for the zone, the authors of this volume suggest policies that would safeguard the benefits to member countries from the common currency, and at the same time promote more flexible economic systems to absorb shocks and increase the rewards stemming from regional integration.
