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Cinquante ans d'Union monétaire ouest africaine : qu'avons-nous appris ?

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  • Kako Nubukpo

Abstract

On the fiftieth anniversary of the West African Monetary Union, it is timely to make an assessment of the efficiency of the common monetary policy, implemented by the West African States Central Bank (BCEAO) responsible for the management of CFA franc. Deep analysis shows that initial goals ? economic growth and more generally, contracyclicity of economic policies ? were sacrificed to the fight of inflation which is difficult to curb because of its non-monetary origin within the WAMU area. Finally, and in consideration of the multiple economic development challenges, it would be useful to improve Monetary Policy monitoring in the Zone Franc, towards a more flexible FCFA/Euro parity and an economic government based on fiscal solidarity. Classification JEL: E52, E58, E63, F36, O11, O55.

Suggested Citation

  • Kako Nubukpo, 2013. "Cinquante ans d'Union monétaire ouest africaine : qu'avons-nous appris ?," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 145-164.
    • Handle: RePEc:cai:refaef:ecofi_110_0145
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    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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