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	Franc Zone - MSN Encarta
		Franc Zone (CFA), monetary union embracing all those countries and groups of countries whose currencies have been linked to the French franc at a fixed rate of exchange, who have agreed to hold their reserves mainly in the form of French francs, and whose currencies are now linked to the European single currency, the Euro.
		The Euro is used in metropolitan France, in the overseas departments of Guadeloupe, French Guiana, Martinique, and Réunion, and the overseas territories of Mayotte and St Pierre and Miquelon.
		The CFP franc is used in the overseas territories of New Caledonia, French Polynesia, and the Wallis and Futuna Islands, and was pegged to the Euro in January 2002 at a fixed rate of 119.253 CFP francs to 1 Euro; CFP stands for Comptoirs Français du Pacifique.
	uk.encarta.msn.com /encyclopedia_781530729/Franc_Zone.html (773 words)

	Eldis - Display
		The prospective shift of the peg of the CFA franc from the French franc to the euro raises a number of questions.
		The potential economic consequences on the CFA franc countries could be positive over the longer term, given the general expectation that the creation of the EMU would likely result in a stable euro, low inflation and interest rates, and stronger-than-otherwise output growth in EMU countries.
		The main risk is a potential weakening of the external competitiveness of the CFA franc countries, arising from possible complications in the EMU process and the likelihood that the euro might be unduly strong and volatile.
	www.eldis.org /static/DOC4719.htm (250 words)

	Patrick Guillaumont
		The franc zone faced, in the beginning of 2002, with a major event, the disappearance of French franc banknotes and coins that are going to be replaced by the euro, whereas it seems that this extinct currency was at the very foundations of its identity.
		The specific feature of the franc zone until January 1994, was the aim of achieving adjustment essentially by budgetary policies without resorting to devaluation, a particularly difficult decision in the context of a monetary union, since it implies the agreement of all member States.
		Beyond the symbolic meaning of the disappearance of the franc and a particularly striking fixed rate of 100 CFA francs for 1 French franc, the political range of the introduction of the euro is very important for the franc zone.
	www.african-geopolitics.org /show.aspx?ArticleId=3119 (2392 words)

	Róbinson Rojas.- A Monetary Policy to Boost Regional Competitiveness: The CFA Franc Zone .-RRojas Databank: Analysis ... (Site not responding. Last check: 2007-10-17)
		At first glance, the franc zone may appear to be a vestige of French colonialism, a long-outdated means by which France still exerts a degree of economic control over its former subjects.
		Another deflationary measure built into the Zone is the limit placed on credit, whereby the central banks are not allowed to provide a country with funding in excess of 20 percent of governmental revenues from the previous year.
		Because it is pegged to the French franc, and because the franc has appreciated considerably relative to the US dollar since 1986, the strength of the CFA franc has caused the exports of member countries to become prohibitively expensive, making it almost impossible for local products to compete on the world market.
	www.rrojasdatabank.org /cfa1.htm (1720 words)

	ECB: The impact of the introduction of the euro on ACP countries and particularly on the CFA franc zone
		In addition, France has maintained a long-standing economic and monetary co-operation with 14 African countries and the Comoros (the CFA franc zone), which are members of the ACP group.
		As regards specifically the CFA franc zone, it is also of interest to note that a Council Decision on a pegging of the CFA franc and the Comorian franc to the euro is currently under preparation.
		France's relations with the CFA franc countries and the Comoros are not dealt with specifically in the Maastricht Treaty unlike, for instance, the relations of France with its overseas territories.
	www.ecb.int /press/key/date/1998/html/sp981027.en.html (1958 words)

	Bankintroductions.com - CFA FRANC
		The CFA franc currency in circulation for XAF countries is known as the ‘Cooperation Financiere Africaine franc’.
		The CFA franc currency in circulation for XOF countries is the ‘Communaute` Financiere Africaine franc’.
		On January 12, 1994, the CFA franc was devalued and re-pegged to 100 CFAF to 1 FF.
	www.bankintroductions.com /cfafranc.html (1500 words)

	franc - Search Results - MSN Encarta
		Franc, name applied to several modern currencies that once served as basic monetary units in France, Belgium, Luxembourg, and Monaco.
		Money is the seed of money, and the first franc is sometimes more difficult to acquire than the second million.
		Map of Franc Zone (map of member countries)
	ca.encarta.msn.com /franc.html (97 words)

	Country Profile Comoros - EIU Online Store (Site not responding. Last check: 2007-10-17)
		The stability of the CFA franc is founded on tight monetary and credit discipline, underpinned by two specific safeguard measures: central banks are required to maintain 20% foreign-exchange cover of their sight liabilities, and governments are not allowed to draw from their regional bank’s central funds more than 20% of the previous year’s budget receipts.
		France responded in 1961 by granting internal autonomy to Comoros: a chamber of deputies was elected, and administration was placed in the hands of a Comorian governing council.
		France eventually agreed to hold a referendum on independence, but the vote in December 1974 produced a split result: The combined vote of Grande Comore, Anjouan and Mohéli was 96% in favour of independence, but in Mayotte 64% of the votes were against it.
	store.eiu.com /index.asp?layout=show_sample&product_id=30000203&country_id=KM (14543 words)

	Africa Recovery/UN/12#4.euro impact on Africa
		Many CFA franc zone mechanisms were simply the "monetary dimension of the colonial agreement," he said, noting that "exchange rate policies played a major role in [France's] domination of its colonies." And today, the fixed exchange rate regime "remains an essential factor in determining the economic performance of the CFA franc zone," Mr.
		The CFA franc is the common currency of 14 countries in West and Central Africa, 12 of which are former French colonies.
		Although the two CFA francs are legal tender only in their respective regions, each region's central bank maintains the same parity of its CFA franc against the French franc and capital can move freely between the two regions.
	www.un.org /ecosocdev/geninfo/afrec/vol12no4/euro.htm (4843 words)

	Comorian franc - Wikipedia, the free encyclopedia
		On January 12, 1994, the currency was devalued, in concert with the CFA franc devaluation; however, the Comorian franc was devalued 33% to the new rate of 75 Comorian francs for 1 French franc, while the CFA franc's new rate was 100 CFA francs to 1 French franc.
		With the creation of the euro in January 1999, the Comorian franc was pegged, at its prevailing rate, to the new currency.
		On 26 December 1945, the Madagascar-Comores CFA franc replaced the Malagasy franc, and its value was fixed at 1.70 French francs.
	en.wikipedia.org /wiki/Comoran_franc (1884 words)

	West African Franc Zone: Bumper Cotton Harvest Expected
		The Franc Zone produced 3.97 million bales of lint last year, which was slightly above the 5-year average of 3.92 million bales.
		Cotton within the Franc Zone is typically planted from May-July and harvested from October-December.
		Last year's crop for the Franc Zone experienced insufficient rainfall in several cotton producing regions, but this year's is expected to produce more than last year's drought-stricken crop, due to increased planted area and above-average seasonal rainfall.
	www.fas.usda.gov /pecad2/highlights/2003/09/franc_zone/index.htm (1221 words)

	Exchange Rate Management Policies in Africa: Recent Experience and Prospects
		The CFA Franc Zone is a framework for monetary cooperation between France and her former colonies in central and West Africa.
		The Franc Zone dates back to the time of the French Empire and was initially conceived as a temporary institutional arrangement linking France and its colonies with a view to enable the countries to wither the depression of the 1930s.
		Another important element of the lessons to be derived from the recent experiences of African countries belonging to a monetary/currency union such as in the CFA Franc Zone and the Common Monetary Area of Southern Africa is the difficulty of harmonizing macroeconomic policies among members of the union, particularly as regards fiscal and monetary policies.
	www.uneca.org /eca_resources/Major_ECA_Websites/6finmin/experm1.htm (5298 words)

	Debt, Looting and Economic Subjugation in French-Speaking Africa
		This was the time of the buying up of African public enterprises sold off to Bouygues, EDF and France Telecom, who got their hands on the water, telecommunications and energy sectors.
		In other words, the 15 countries of the franc zone do not have any control of their own money.
		It is the main banking group in the franc zone and in the Mahgreb and it is still expanding.
	www.mltranslations.org /France/debt.htm (1072 words)

	BBC News \| Africa \| Africa's Franc Zone - a tale of two regions
		The African franc zone, a monetary area covering France's former colonies is continuing to show encouraging signs of growth according to the Bank of France.
		The rate was slashed from an highly overvalued CFA 50 to the French franc to CFA 100 to the French franc at which it remains ultimately guaranteed by the Bank of France.
		Governor of the West African zone central bank, the Dakar-based Charles Konan Banny, was horrified at speculative attacks on the South African Rand in 1997 and has since firmly opposed monetary independence.
	news.bbc.co.uk /1/hi/world/africa/460222.stm (823 words)

	Launch of Macroeconomic Policy in the Franc Zone
		The 14-members of the African CFA Franc Zone in West and Central Africa represent the two largest monetary unions in the southern hemisphere, predating the European Monetary Union by decades.
		This study analyzes the recent economic experiences of the Franc Zone’s member states and of its economic institutions.
		David Fielding is the Director of the WIDER project ‘Macroeconomic Policy in the Franc Zone’.
	www.wider.unu.edu /events/book-launch-21-february-2006/book-launch-cfa-paris-announcement-21-2-2006.htm (709 words)

	Crisis in the Franc Zone - L. Gray Cowan
		Gray Cowan is senior associate for African studies at the Center for Strategic and International Studies in Washington, D.C. 0n January 11, the former French colonies in Africa took a drastic step, voting--under pressure from France--to devalue the CFA franc (CFAF) that is their standard currency by 50 percent.
		Although devaluation of the currency is a common phenomenon in most of Africa, the move was seen as particularly critical in that it made clear to the African leaders that France was adopting a new and potentially much tougher stance toward economic mismanagement in the community.
		It had been clear for several years that the CFAF had been increasingly overvalued--to the point that the African states were pricing their primary products (cocoa, coffee, and cotton, for example) out of the European markets to which they had traditionally been exported.
	www.worldandi.com /specialreport/1994/april/Sa11442.htm (295 words)

	Watch France: THE FUTURE OF THE FCFA
		Whatever the case, after the introduction of the franc, this currency has represented for the French people for over 637 years the very essence and embodiment of being French and the notion of total freedom to act without constraint.
		The franc ceased to be the national currency of France beginning on January 1, 1999 when the Euro was introduced, and by the year 2002 the franc was entirely demonetized and replaced by the Euro in the Hexagon.
		Based on the economic fundamentals of the Franc Zone countries, the appropriate exchange rate between the FCFA and the Euro should be around 2000-3000 FCFA/Euro.
	www.francewatcher.com /2006/04/the_future_of_t.html (2566 words)

	African Franc Zone: Cotton Regions Dry
		Most cotton in the Franc Zone is grown within the Sudanian (600-900mm annual rainfall) and Sudanian-Guinean (900-1200mm annual rainfall) zones, with growing seasons greater than 120 days.
		CAR is one the smallest cotton producers for the Franc Zone, but cotton is one of the main cash crops for nearly 200,000 families.
		Mali usually is the largest cotton producer in the Franc Zone, and Malian cotton is widely recognized as being of high quality with low production costs, despite low yields by world standards.
	www.fas.usda.gov /pecad2/highlights/2002/09/franc_zone/index.htm (1535 words)

	Comorian Franc and Comoros currency information including currency exchange rates
		This allowed for the creation of a system of fixed parity between the French franc and the Comorian franc, as well as free convertibility between the two, which was guaranteed with the opening of an operations account at the French Treasury run by the Comorian central bank.
		The Comorian franc was established in 1981 and was pegged to the French franc at 50 Comorian francs to 1 French franc.
		The Comorian franc was fixed to the euro when it was created in January 1999.
	www.gocurrency.com /countries/comoros.htm (653 words)

	History of the CFA Franc (Site not responding. Last check: 2007-10-17)
		The CFA Franc is the common currency of 14 African countries which are members of the Franc Zone, namely :
		The CFA Franc was created on December 26, 1945, the day when France ratified the Bretton Woods agreement and made its first declaration of parity to the IMF.
		Nowaday, the denomination CFA Franc means franc de la Communauté Financière d'Afrique (franc of the African Financial Community) for WAEMU member States, and franc de la Coopération Financière en Afrique Centrale (franc of Financial Cooperation in Central Africa) for countries belonging to the BEAC area.
	www.bceao.int /internet/bcweb.nsf/pages/umuse1 (300 words)

	Macroeconomic policy in the Franc Zone
		The 14-member CFA Franc Zones in West and Central Africa predate the European Monetary Union by decades.
		Jean-Paul Azam is Professor of Economics at the University of Toulouse and at the Institut Universitaire de France, and the Director of ARQADE (Research in Quantitative Applied Development Economics).
		Nicolas Pinaud is the OECD Development Centre specialist on the Rand zone and part of the African Economic Outlook team.
	www.eurekalert.org /pub_releases/2006-02/unu-mpi021606.php (621 words)

	SSRN-The CFA Franc Zone and the EMU by Michael Hadjimichael, Michel Galy
		Whether the prospective shift of the peg of the CFA franc to the euro would constitute an exchange rate arrangement with EMU countries would depend critically on the interpretation of the free convertibility of the CFA franc guaranteed by France.
		The potential economic consequences for the CFA franc countries could be positive over the long term, but there is a risk of a weakening of external competitiveness.
		Hadjimichael, Michael and Galy, Michel A, "The CFA Franc Zone and the EMU" (November 1997).
	papers.ssrn.com /soL3/papers.cfm?abstract_id=882736 (255 words)

	Zone - Search Results - MSN Encarta (Site not responding. Last check: 2007-10-17)
		Zone (geography), any of the five divisions of the surface of the earth, characterized by similar temperature and sunshine distribution.
		A bishop of the Greek Orthodox church, when attired for Divine Liturgy (corresponding to the Mass of the Roman Catholic church), wears a cassock over...
		Zone (climate) : tropics: New Caledonia and Dependencies
	encarta.msn.com /encnet/refpages/search.aspx?q=Zone (139 words)

	BBC NEWS \| Business \| CFA franc states urged to reform
		The call came at a meeting of states that use the CFA franc - a zone which has ambitions of closer economic and political ties.
		The CFA zone consists of two groups of states: six Central African nations and eight West African ones.
		Each group has its own central bank and currency, although both CFA francs are equal in value and backed by France.
	news.bbc.co.uk /go/click/rss/0.91/public/-/1/hi/business/3629085.stm (265 words)

	SSRN-The CFA Franc Zone: Currency Union and Monetary Standard by James Boughton
		The CFA franc zone comprises a group of countries in central and west Africa whose currencies have been firmly linked to the French franc since 1948.
		But when France is viewed as an integral part of the system, the benefits--including discipline, credibility, and stability in international competitiveness--become clearer.
		Boughton, James M., "The CFA Franc Zone: Currency Union and Monetary Standard" (December 1991).
	papers.ssrn.com /sol3/papers.cfm?abstract_id=885173 (289 words)

	CODESRIA: International Seminar on the Future of the CFA Zone (Site not responding. Last check: 2007-10-17)
		The solid commitment of France for the establishment of the Euro raises the issue of the future of the Franc Zone.
		Hence, beyond the prospects for the Franc Zone, it is the whole political, economic and social future of the Zone and of Africa, which is at stake.
		More specifically, it is hoped that such themes as: the Overall Performance of the Franc Zone, the Impact of the Devaluation of the CFA Franc, as well as the Future of the Zone, will be addressed.
	www.africa.upenn.edu /Current_Events/codes_cfa.html (380 words)

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