To turn the page on the CFA franc in West Africa, the WAEMU countries should at least have terminated the cooperation agreement between them and France. This is not the case since this agreement has been renewed without being made public. France will maintain its role as 'guarantor' of the convertibility of the CFA franc, a role it has rarely exercised and which it can no longer perform because of its own budgetary difficulties. Similarly, the fixed peg to the euro has been maintained, even though it has been the target of most of the criticisms of African economists since it implies the subordination of WAEMU's monetary policy to that of the eurozone.

Fanny Pigeaud_ Ndongo Samba Sylla, Africa's Last Colonial Curr…, loc. 374