Monetary liberation must proceed alongside democratization, not after it.
Evidence
Since the leaders of the franc zone haven’t always given priority to the public good, many African citizens opposed to the CFA system are worried about the possible consequences of monetary liberation. They believe that entrusting the ‘printing press’ to irresponsible rulers would make their countries fall into economic instability or monetary chaos. This concern is legitimate. If we want to avoid unpleasant surprises, it will be necessary to establish safeguards in the monetary field. However, the need for ‘good governance’ should not be considered a prerequisite to be met before considering abandoning the CFA system: the struggle for monetary liberation is inseparable from that for democracy, transparency and accountability in the management of the currency and public accounts. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 362
Categorization
- XREF: connects to: Individual and social liberation must be waged together but not assumed interdependent
Related
- Currency independence alone cannot succeed without a self-centred development model (similarity 0.80)
- African social movements demand monetary sovereignty and reject CFA symbols (similarity 0.79)
- Exiting the CFA requires recovering all tools of economic sovereignty. (similarity 0.78)