WAEMU at a Crossroads? A Contribution to the Debate on the Perspective of its Monetary and Exchange Rate System

The monetary and exchange rate system of the West African Economic and Monetary Union (WAEMU) is characterised by a single currency, the West African CFA franc (XOF). Its anchor is a fixed exchange rate against the euro. France provides an unlimited and unconditional guarantee for this exchange rate regime. Despite the reforms introduced in 2019, which suppressed French participation in the institutions of the Monetary Union and the obligation to deposit a portion of reserves with the French Treasury, and which opened the door to a change in the name of money, this system is still the subject of criticisms, sometimes economic, more often political and even emotional. [...]