April 5, 2012
Decolonizing the Franc Zone
Sanou Mbaye, Project Syndicate
France is wrestling with a burden of debts and public deficits that led Standard & Poor's recently to downgrade its credit rating. Even as the risk of recession looms, the country has been forced to implement a drastic austerity program. But France's woes are also being felt far beyond its borders, sparking rumors of a possible devaluation of the CFA franc, the common currency of the franc zone, which comprises 14 African countries and the Comoros Islands in the Indian Ocean.
TAGGED: France, Africa, Eurozone, Comoros, CFA Franc, Franc Zone, Franc, Comoros Islands