Résumé
The CFA franc is one example of the perpetuation of the (post) colonial link between France and its former African colonies. The BCEAO, which manages the CFA franc in West Africa, runs an inefficient monetary policy, in which there are few linkages between the fight against inflation - a policy established by the WAEMU - and the instruments at disposal, notably its ability to set interest rate ceilings. It also holds in reserve too much exchange with the French Treasury, and although it is the main bank for the poorest developing countries in the world, its objective is not economic growth. Finally, within the bank, there is currently no debate taking place about the opportunity costs of rigidly pegging the CFA to the euro in a context of weak export competitiveness amongst the WAEMU economies and a 'strong' euro. The structure and functioning of WAEMU are highly externally driven. This explains the weakness of monetary policy within the BCEAO. [PUBLICATION ABSTRACT]