By RFPosted on 13-07-2019Modified on 13-07-2019 at 00:26

The regional organization, whose eight member states all have the CFAF as their currency, argues for the economic convergence criteria necessary for the introduction of this currency to be achieved by the end of this year. On the eco, future West African currency, the current president of UEMOA, Alassane Ouattara, gave some details.

Will the eco be the new name of the CFA franc? Yes, at least initially, since the single West African currency will keep its fixed rate against the euro, said Alassane Ouattara. " Today, the exchange rate of the euro against the CFA franc is 655.9. And of course, if the heads of state decided next year to change the CFA franc in eco because we have met all the convergence criteria, this rate would not change immediately. "

→ Read also: the CFA franc replaced by "the eco", the idea is gaining ground in West Africa

In the long run, once the economy crosses the borders of WAEMU and integrates countries that do not have the franc for money, this question of a flexible rate can be put back on the table of debates. But for Alassane Ouattara the fixed parity has several advantages. " We consider that this fixed exchange rate vis-à-vis the euro has served our economies well, controls inflation, allows us to have the highest growth rates of the continent. There is nothing worse for people than inflation. I am very proud to say that Côte d'Ivoire for seven years has never exceeded an inflation rate of 1 to 2% per year, and this needs to be maintained. "

For now, it is time to respect the convergence criteria. In particular the deficit at 3% of GDP. UEMOA is four today. Objective for the Member States: to go down to 3% by the end of the year so that the eco can come into effect next year.

■ Heads of State of the West African Economic and Monetary Union (UEMOA) want an extraordinary ECOWAS summit on 14 September in Ouagadougou to discuss the security problems faced by member countries and affecting the economies of the sub-region. region.

It is not enough to stick to the G56 Sahel or the Minusma, it must be all the countries of ECOWAS and I would say that we must include the countries of Lake Chad, such as Chad and Cameroon in this coalition. We have asked our defense ministers and our security ministers to make proposals to us next September so that we can present our report at the United Nations General Assembly in late September in New York.

Alassane Ouattara

12-07-2019 - By Pierre Pinto

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