西非法郎改革:进展、挑战与前景

West African CFA franc Reform:Progress,Challenges and Prospects

西非法郎是非洲为数不多与前宗主国货币挂钩的货币,被视为殖民主义的残留,甚至是“殖民货币”。2019年末,西非法郎区宣布进行货币改革,计划发行新货币埃科。然而,法国只是希望通过改革来改变殖民形象,并无放弃其在非洲影响力的意愿。由于西非法郎区国家在政治和经济上对法国高度依赖,因此选择将埃科继续与欧元挂钩,法国的影响力通过新的担保机制得以保留。改革方案公布已逾三年,但埃科至今仍未面世,这一方面是由于西共体未能在单一货币汇率机制上达成共识,另一方面则是新冠肺炎疫情和乌克兰危机导致西非法郎区经济恶化、通胀高企所致。对于非洲国家来说,此次改革致力于摆脱殖民主义影响,是西非法郎区国家争取货币主权所做的尝试,但是过于追求平稳过渡导致其货币主权仍将受制于法国。未来,如西非法郎区国家选择货币篮子取代欧元成为新货币的锚定物,或许能破解西非法郎改革的困局。

The West African CFA franc is one of the few currencies in Africa that is pegged to the currency of the former colonial suzerainty,and is regarded as a remnant of colonialism,even a“colonial currency”.In late 2019,the West African CFA Franc Area announced monetary reforms,with plans to launch a new currency,the ECO,in 2020.However,France only hoped to change its colonial image through reform and had no intention of relinquishing its influence there.Because the countries in the West African CFA Franc Area are highly dependent on France politically and economically,they have opted to keep ECO pegged to the Euro,preserving France's influence through a new guarantee mechanism.It has been more than three years since the reform plan was announced,but ECO has not yet be issued.It's owing partly to the deterioration of the economy and high inflation in the West African CFA Franc Area as a result of the COVID-19 outbreak and the Ukraine crisis,and partly to the failure of ECOWAS to reach a consensus on a single currency exchange rate mechanism.The reform,aimed at getting rid of the influence of colonialism,was an attempt for the West African CFA Franc Area in its struggle for monetary sovereignty,but it would remain confined to France as it wants to find out a smooth transition.Looking ahead,the choice of a currency basket to replace the Euro as the anchor of a new currency may solve the dilemma of the West African CFA franc reform.