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...

Purpose - A major lesson of the EMU crisis is that serious disequilibria in a monetary union result from arrangements not designed to be robust to a variety of shocks. With the specter of this crisis looming substantially and scarring existing monetary zones, the present study has complemented...