Monnaie européenne et monnaies africaines

Abstract

With regard to European monetary union projects and to a new Lomé Convention between European economic community and A.C.P. countries, this paper first considers the implications of a possible European monetary union for the African countries belonging to the franc zone : this union would not need a change in the legal rules of the franc zone, but it would strenghten the stability of the rate of exchange and require a tighter monetary policy in the African countries. Secondly, allowing to the negative effects of the lack of African monetary integration, due to the inconvertibility of many currencies and to uncoordinated adjustment policies, the paper stresses the benefits which could result for the all Africa from a monetary cooperation between European economic community and the African countries outside the franc zone. According to the countries, such a cooperation could be more or less close to that within the franc zone.