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Revue d'économie du développement
De Boeck Université

I.S.B.N.2804155940
200 pages

p. 43 à 73
doi: 10.3917/edd.205.0043

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Vol. 20 2006/5

Discipline > Revue > Sommaire > Résumé

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Independence of the Central Bank of West African States: An Expected Reform?

Sylviane Guillaumont Jeanneney

Résumé de l'article

Why increase the independence of the Central Bank of West African States? The answer can be sought in the monetary and institutional evolution of the West African Economic and Monetary Union. The advantage would be to increase confidence in the value of the currency and to guarantee the continuity of the economic and monetary integration of West Africa. The feasibility of the reform implies strengthening the collegiality of monetary decisions and the transparency of the management of the Central Bank. It is also necessary to improve the coordination of budgetary and monetary policies, with a view to a stronger and more regular growth of the economies of the Union.
JEL Classification : E58, O55, F33, F36.Keywords : Central Bank of West African States, monetary union, franc zone.

Plan de l'article

• Introduction

• A little history

— The Africanisation of the BCEAO

— The creation of the Economic Union

— The pegging of the CFA franc to the euro

• The arguments for independence

— Independence of the BCEAO and credibility of its policy

— Independence of the BCEAO and continuity of economic integration

• The requirements of independence

— How can the statutes of the BCEAO be modified so as to render its governance independent of the States?

— The counterweights of independence

• Conclusion

• References

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