Měnová integrace v Africe

Abstract

The main goal of this thesis is to determine whether the countries of Central and West Africa, which are members of the CFA Franc Zone, are suitable for the optimal currency area. Conditions which should be met are defined in the second chapter of this thesis. The third chapter describes which countries are involved in the West African Economic and Monetary Union and Economic and Monetary Community of Central Africa, which together create the Zone of the CFA franc, major institutions of community and historical continuity. Both the monetary union, namely the Economic and Monetary Community of Central Africa and West African Economic and Monetary Union, involves mostly former French colonies, and the main group of members is almost identical for several decades. Due to the colonial history there is still strong relationship with the French Ministry of Finance and the Banque de France, which still have considerable influence on this area. The research, which was done in the fourth chapter of this thesis is focused on the fact, whether the West African Economic and Monetary Union and Economic and Monetary Community of Central Africa, is an optimal currency area. The negative conclusion is based on the analysis of selected indicators. Indicators were as following: bilateral trade, inflation and real exchange rate, economic level and the correlation of business cycles, the mobility of labor and capital, the similarity in the unemployment rate, diversification and specialization of production and fiscal policy.