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Fra06


Francafrique, the Franc CFA and monetary dependency: a longue durée perspective from colonial times until today 
Convenors:
Carla Coburger (University of Bayreuth)
Robin Frisch (University of Bayreuth)
Kai Koddenbrock (Bard College Berlin)
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Chair:
Carla Coburger (University of Bayreuth)
Discussant:
Kai Koddenbrock (Bard College Berlin)
Format:
Panel
Stream:
'Françafrique'
Location:
Room 1139
Sessions:
Wednesday 8 June, -
Time zone: Europe/Berlin

Short Abstract:

This panel explores ongoing entanglements between West Africa and France/Europe regarding monetary and financial structures since the colonial period until today. A particular focus will be on the influence of those structures on policy space in West African countries past political independence.

Long Abstract:

In the commentaries around Chad’s former president Idriss Déby in April 2021, much focus was on Chad’s systemic importance for regional security. Little attention however was paid to Déby’s opposition to the neo-colonial monetary regime of the Franc CFA. In 2015 he found strong words for the monetary structures which “are dragging Africa’s economy down” and “will not allow it to develop with this currency”. The complex entanglements between monetary structures between France, the EU and Franc CFA member states are one of a kind and demand more scientific engagement.

The entangled nature of the financial and production sphere via historically specific forms of monetary and ‘financial dependency’ revolves internally around credit repression and ‘dysfunctional’ bank-firm relations. Additionally, and this is a distinctive colonial legacy, West African banking systems are often highly foreign-dominated and oligopolistic. This comes with particular constraints on policy space.

This panel aims at discussion the Franc CFA regime and its multidimensionality regarding policy space and distributive social dynamics. As Achille Mbembe’s report on future African-French relations stresses, the current reform process and the announcement of the introduction of the ECO does not seem to end monetary dependency. But, how did the Franc CFA and its political and social entanglements evolve historically and how will it shape future alternatives? And what role may the European Union and Germany have in working towards alternatives?

With interdisciplinary approaches ranging from historical sociology, economic history, IPE, law, economics and IR our panel aims at describing and classifying those complex entanglements.

Accepted papers:

Session 1 Wednesday 8 June, 2022, -