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...

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.