Abstract
C. Freud — The Franc Zone, a Scapegoat for Development Failures. World Bank experts blame the failure of structural adjustment policies in countries belonging to the West African Franc Zone on the overvaluation of the CFA franc. They advocate, therefore, breaking up this monetary bloc. It is proven that the exchange rate between the CFA and French francs has barely changed over the past 30 years, and that overvaluation does little to account for failed adjustment policies. Examples from countries outside this zone show that devaluation does not inevitably stimulate economie growth. Abolishing the franc zone would probably cause more problems than it would solve. Thanks to this zone, the shocks of economie recession that would have hurt the most underprivileged have been absorbed.
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