The CFA Franc Zone, with 14 member countries in West and Central Africa, is now entering a phase of restructuring. This is clearly indicated by the debates now occurring in the EC, within the French government, in international organizations such as the World Bank and IMF, and in the CFA Franc...

In recent years, the discussion on the forms of organisation of the Franc Zone has again grown more controversial. The present article explains the functional structure of this currency association, and discusses the arguments of its critics.

This paper highlights that the EMU transition process itself can pose challenges to individual accession countries and draws policy implications for ERM II. Differences in financial market development and international liabilities underscore the risks and benefits of ERM II, and may lead to...