The CFA Franc will slide towards the Eco

The pace is pressing in relations between the African countries of the Franc Zone and France. On the occasion of President Macron's visit to Côte d'Ivoire, President Ouattara announced that eight countries in West Africa and France have decided on a major reform of the CFA franc. The first change will concern the name of the new currency. It will be the Eco. "We have decided to reform the CFA franc with three major changes (…) including that of the name", "stopping the centralization of 50% of the reserves to the French Treasury".

Reaction of President Emmanuel Macron: he welcomed the "major historic reform" represented by the agreement between eight West African countries and France on the CFA franc which will become the Eco. "The Eco will see the light of day in 2020, I welcome it," said the French president during a press conference with his Ivorian counterpart Alassane Ouattara. The CFA franc was "perceived as one of the vestiges of Françafrique", he estimated.

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