End of CFA Franc Zone and start of Eco: An African monetary union worth watching

New piece in Business Standard.

In the wee days of 2019, a historic announcement was made by French and Ivory Coast Presidents of ending the CFA Franc Zone. My earlier posts on CFA Franc Zone here. It is interesting and perplexing how France continued to dominate some of the African countries despite ending colonialism in these countries. Call it French monetary imperialism.

CFA Franc Zone involved 15 African economies. With the end of CFA Zone, the 8 erstwhile members join 6 African countries (not part of CFA Franc Zone) to form a monetary union (you guessed it) and have named their single currency Eco.

I write about this important development which ended French colonial currency arrangement to a new arrangement for the African countries.

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