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> Beyond the UK's experience, France’s actions in African countries when it adopted the Euro are worth investigating—they reveal a shocking side of EU monetary
by gatlin 2y ago
> Beyond the UK's experience, France’s actions in African countries when it
adopted the Euro are worth investigating—they reveal a shocking side of EU
monetary policy.
Can you elaborate on this? I know enough to know that I should not pretend to
know anything.
- olddustytrail 2y agoIt's just AI slop. Ignore it.
- Zenst 2y agohttps://www.bbc.co.uk/news/world-africa-46960532 https://www.bbc.co.uk/news/world-africa-46960532 is worth a read, there are few videos that I shall try to dig out that covers matters in far more depth It also touched on here: https://www.youtube.com/watch?v=fiD24uEvY1U https://www.youtube.com/watch?v=fiD24uEvY1U Basically, the CFA got locked into the Euro currency when France joined it penalised African countries (former French colonies) into it as the CFA was pegged to the French Franc. This made those former colonies crippled by exports to anywhere apart from France who with the CFA setup that those African countries having to store 50% of their currency reserves with France at a 0.75% interest rate. Combined with the subsequent Euro pegging, that alone penalised those former African colonies with the CFA. Equally, they gained nothing from France joining the Euro and lots more pain.