DEVELOPMENT AND FUNCTIONING OF CFA FRANC IN WEST AFRICA

The process of monetary integration is one of the most interesting processes in the global economy. These processes occur in many parts of the world, also in Africa, where are the heritage of the colonial era and serve as a tool for achieving economic and financial stability. This article aims at presenting the development and history of the African CFA franc zone, which is the official currency in two African integration groups in West African Economic and Monetary Union and the Economic and Monetary Community of Central Africa. One of the most interesting cases of monetary integration in Africa CFA franc zone, functioning as a currency in the two integration groupings: West African Economic and Monetary Union and the Economic and Monetary Community of Central Africa. Mutual cooperation has a relatively long history, resulting primarily from a common history. The benefits associated with the operation of this zone are primarily related to ensuring price stability, which actually occurred in both groupings. Other benefits associated with the operation of integration within the bloc, as increasing economic growth, positive impact on growth of foreign trade and the labor market with participation actually occurred.