In French there is a term to refer to the deeply intertwined relations of France with its former African colonies (especially from the 60s to 80s/90s): Françafrique.
Maybe you should simply read the Wikipedia page addressing the Franc CFA… contents of that video is, hum… arguably untrue. I don't know Caspian Reports, but in the current context, claims from a Baku based organisation should at least be carefully cross-checked.
More disinformation regarding the Franc CFA, what a surprise… This bullshit has been going around for years. It’s an easy button to push for countries with an interest in destabilising North Africa.
The video is riddled with inaccuracies and straight up fabrications. For exemple, it states that CFA using countries have to pay interest to France on their deposits while it’s actually the opposite happening. France pays interests to these countries. It also states that France doesn’t disclose what it does with the money which is totally untrue. France does nothing with the money. It’s kept as a guaranty. You see the CFA Franc is pegged on the euro and France guaranties total convertibility. That’s why it’s used.
To reestablish a modicum of truth here, France certainly doesn’t own the countries using the Franc CFA. It’s just a money pegged to the Euro with a value guarantied by France. The BCEAO is fully independent. Multiple countries have started and quit using it since its creation. Leaving is very easy. The video conjures up a weird conspiracy surrounding Guinea leaving in the 70s but conveniently forget that Mauritania and Mali left without issues in the following years. Mali chose to rejoin a decade later as it was facing hyperinflation.
Of course, the euro being the unmitigated disaster that it is, using a money pegged to it is a terrible idea. But that’s also true for the poor European countries which were stupid enough to get stuck in a monetary union with and mostly benefiting Germany. Yes, the currency is stronger that it should be to help them exporting. It is stable however.
Edit: Currently sitting at zero. I will wear this downvote with pride. I will no leave this kind of rubbish propaganda stands. It only serves the interest of Russia which is currently selling operations by the Wagner group to some of these countries
Could the people downvoting me to hell please rebute my very factual points?
I'm sorry but I'm always extremely annoyed by this kind of garbage content. It obscures good critics and actually valuable discussions surrounding the CFA Franc Zone. For an interesting take on the situation, Ali Zafar wrote a very good book on it [0].
6 comments
[ 2.9 ms ] story [ 22.6 ms ] threadThe video is riddled with inaccuracies and straight up fabrications. For exemple, it states that CFA using countries have to pay interest to France on their deposits while it’s actually the opposite happening. France pays interests to these countries. It also states that France doesn’t disclose what it does with the money which is totally untrue. France does nothing with the money. It’s kept as a guaranty. You see the CFA Franc is pegged on the euro and France guaranties total convertibility. That’s why it’s used.
To reestablish a modicum of truth here, France certainly doesn’t own the countries using the Franc CFA. It’s just a money pegged to the Euro with a value guarantied by France. The BCEAO is fully independent. Multiple countries have started and quit using it since its creation. Leaving is very easy. The video conjures up a weird conspiracy surrounding Guinea leaving in the 70s but conveniently forget that Mauritania and Mali left without issues in the following years. Mali chose to rejoin a decade later as it was facing hyperinflation.
Of course, the euro being the unmitigated disaster that it is, using a money pegged to it is a terrible idea. But that’s also true for the poor European countries which were stupid enough to get stuck in a monetary union with and mostly benefiting Germany. Yes, the currency is stronger that it should be to help them exporting. It is stable however.
Edit: Currently sitting at zero. I will wear this downvote with pride. I will no leave this kind of rubbish propaganda stands. It only serves the interest of Russia which is currently selling operations by the Wagner group to some of these countries
I'm sorry but I'm always extremely annoyed by this kind of garbage content. It obscures good critics and actually valuable discussions surrounding the CFA Franc Zone. For an interesting take on the situation, Ali Zafar wrote a very good book on it [0].
[0] https://www.amazon.fr/Cfa-Franc-Zone-Development-Post-covid/...