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Vol 39 No 13

Published 26th June 1998


Twilight Zone

Europe's new money has no room for favours to Francophone Africa

The Paris-backed CFA Franc Zone is under pressure in Africa again as eleven European Union nations brace themselves for their new common currency, the euro (AC Vol 39 No 11). While the EU was fixing the euro’s relative values in May, France’s African clients were left in the dark (AC Vol 39 No 4). French officials, including Economy and Finance Minister Dominique Strauss- Kahn and the Treasury’s man in charge of the Franc Zone, Christophe Marchand, have been strenuously reassuring their African opposite numbers that there’s nothing to fear. Few others believe the CFA can remain linked to the French franc. The uncertainty is attracting currency speculators.

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