The CFA franc is governed by **separate regional central banks** that answer to **French-controlled monetary policy**. [fact]
The CFA franc is issued in two currency blocks by separate central banks – Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) and the Banque des États de l'Afrique Centrale (BEAC). The French can veto their decisions and monetary policy is set by the ECB (previously the Banque de France). The settings reflect European priorities.
Fanny Pigeaud_ Ndongo Samba Sylla, Africa's Last Colonial Curr…, loc. 26