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Vol 40 No 6

Published 19th March 1999

Franc-zone to Euroland

Europe's new currency is raising some tricky issues in Francophone Africa

Africa’s franc zone has become a euro zone without much fuss. But as France passes Africa’s monetary baton to Europe’s new central bank, some African governments worry about the longer term implications of the new order in Afro-European relations. With the European Commission in disarray on 16 March after the resignation of all its commissioners in response to an investigation uncovering multi-billion dollar frauds at the organisations’ headquarters in Brussels, African officials expect a more introverted Europe to concentrate energies on resolving its own political and economic crises. Next year, the European Union is winding down the Lomé agreement on preferential trade arrangements to African, Caribbean and Pacific countries.

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