Kryzys zadłużeniowy w strefie Euro a trwałość relacji kursowej euro/frank CFA
Debt crisis in the eurozone and the sustainability of the euro/CFA franc rate

Summary/Abstract: The CFA franc zone consists of two separate monetary unions comprising 14 countries of Central and Western Africa. The main operating rules of the zone include: a fixed parity between the CFA franc and euro, pooling of a significant part of convertible currency reserves of the member states in the operation accounts held by the French Treasury and the convertibility guarantee of the CFA franc provided by the French Treasury. The paper provides the analysis of the situation of the zone after the outbreak of the debt crisis in the Economic and Monetary Union. The members of the zone have recorded positive rates of economic growth, fiscal stabilization and surpluses in balance of payments. Such a situation does not constitute a burden for the French Treasury. These circumstances limit the probability of the devaluation of the CFA franc in the short term.

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