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Unioni monetarie che utilizzano il franco CFA e prospettive per un'unione monetaria in Africa dell?Est: un'analisi dei benefici dell'unione monetaria, e la questione della fissità del tasso di cambio (Monetary unions that adopt the CFA and prospects for a monetary union in Eastern Africa. An analysis of the benefits, and the fixed exchange rates issue)

Author

Listed:
  • Emilio Sacerdoti

    (Consulente per il Centennial Group International, Washington (DC))

Abstract

L'articolo esamina alcuni costi e benefici delle unioni monetarie fra i paesi dell'Africa francofona e la questione del regime di cambio del franco CFA. Un aspetto positivo delle unioni monetarie, non sempre messo in evidenza, è che tali unioni proteggono i singoli paesi, affetti da gravi perturbazioni politiche, da scosse sul sistema monetario, dato che la banca centrale unica continua a mantenere stabilità e assicura la convertibilità della moneta nazionale. Tale elemento è assai importante quando si esaminano sistemi monetari alternativi per paesi con assetto politico fragile. Le istituzioni delle due unioni economiche e monetarie dei paesi con franco CFA hanno raggiunto una solidità rispettabile nel corso degli ultimi trent'anni, inoltre contribuiscono a creare dei mercati integrati per scambi di persone, merci e capitali, dei quali beneficiano le economie di paesi di piccole dimensioni. Un confronto è fatto con gli sforzi di costituzione di unione economica e monetaria sia nei paesi membri della Comunità degli Stati dell'Africa dell'Est, sia fra paesi membri della Comunità Economica degli Stati dell?Africa dell?Ovest, non partecipanti alle due unioni monetarie che adottano il franco CFA. The article examines some the costs and benefits of monetary unions between the countries of French-speaking Africa, and the question of the exchange rate regime of the CFA franc. A positive aspect of monetary unions, not always highlighted by observers, is that they protect individual countries affected by serious political disturbances against shocks to the monetary system, given that the single central bank maintains stability and ensures the convertibility of the national currency. This element is very important when examining alternative monetary systems for countries with fragile political structures. The institutions of the two economic and monetary unions of the countries that adopt the CFA franc have achieved a respectable solidity over the past thirty years. They also contribute to creating integrated markets for the exchanges and movement of people, goods and capital, which benefit the economies of small countries. A comparison is made with the efforts to establish economic and monetary unions both in the member countries of the EAC and among ECOWAS member countries not participating in the two monetary unions that adopt the CFA franc.

Suggested Citation

  • Emilio Sacerdoti, 2020. "Unioni monetarie che utilizzano il franco CFA e prospettive per un'unione monetaria in Africa dell?Est: un'analisi dei benefici dell'unione monetaria, e la questione della fissità del tasso di cambio ," Moneta e Credito, Economia civile, vol. 73(289), pages 33-55.
  • Handle: RePEc:psl:moneta:2020:13
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    File URL: https://ojs.uniroma1.it/index.php/monetaecredito/article/view/16615/16024
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    References listed on IDEAS

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    2. Mr. Tamon Asonuma & Mr. Xavier Debrun & Mr. Paul R Masson, 2012. "Welfare Effects of Monetary Integration: The Common Monetary Area and Beyond," IMF Working Papers 2012/136, International Monetary Fund.
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    More about this item

    Keywords

    monetary unions; political stability; exchange rate; Africa;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F53 - International Economics - - International Relations, National Security, and International Political Economy - - - International Agreements and Observance; International Organizations
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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