In the francophone countries of West and Central Africa a currency system has long been in place which was originally based on the French franc and is now based on the euro. A look at how this system has operated over the years may highlight some useful experiences for the countries on the eastern and southern periphery of the euro area that are now considering pegging their national currencies to the euro and could help to clarify the opportunities and risks arising for both these countries and the present participants of European Monetary Union.
Full article available only as PDF