Portugal replicated France’s currency cooperation model with Cabo Verde.

Evidence

The raw materials that it imports at low cost, such as uranium and oil, are what allow it to maintain its status as a ‘great power’. In particular, the CFA franc provides Paris with a series of instruments of pressure, repression and control that allow it, if necessary, to go beyond the economic sphere and orient the political trajectory of the 15 African states of the franc zone. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 268 (#expands, via linked claim)

In the context of the transition to the euro, the European Economic and Monetary Union (EMU) became the only competent authority in matters of monetary and exchange rate policy. From a legal point of view, its members would no longer be able to seal monetary cooperation agreements or exchange rate agreements with third countries. In the legal language of the European institutions, ‘monetary cooperation’ agreements allow third countries to use the euro as their official currency, such as the European Union’s agreements with the Principality of Monaco, the Vatican State and the Republic of San Marino, while ‘exchange rate cooperation’ agreements refer to the pegging of the currencies of third countries to the euro. Presumably, the agreements between France and the African countries of the franc zone fell into the latter category. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 223 (#complicates, via linked claim)

Categorization

• XREF: connects to: The CFA system gives France instruments to steer franc-zone politics; EMU’s creation transferred monetary authority making France legally unable to renegotiate the franc zone — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 223; Producing CFA francs in France costs franc zone states over half a billion euros — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 244 (+15 more)

Related

• EMU law forced France’s CFA agreements into the exchange-rate cooperation category (similarity 0.88)
• The CFA franc gives France instruments to control the politics of 15 African states. (similarity 0.88)
• Euro pegging diverts trade toward France and blocks local industrialization. (similarity 0.88)
• The CFA system gives France instruments to steer franc-zone politics (similarity 0.87)
• France granted African states nominal monetary rights while denying them in practice (similarity 0.86)
• The cooperation agreements preserved the CFA franc across former colonies. (similarity 0.86)
• CFA notes and coins are still manufactured in France. (similarity 0.86)
• The CFA franc functions as a political instrument of pressure over 15 African states. (similarity 0.86)
• CFA franc notes are printed in France rather than by member states (similarity 0.86)
• The CFA franc is the central weapon of Françafrique’s neocolonial domination (similarity 0.85)
• African franc-zone reserves effectively grant France subsidized loans below market rates. (similarity 0.85)
• Cooperation agreements transferred control of core national sectors back to France despite formal independence. (similarity 0.85)
• France alone preserved its monetary empire after its African colonies gained independence (similarity 0.85)
• Two CFA francs serve 162 million people across 15 states under one franc zone (similarity 0.85)
• The colonial vertical-integration trade model persists despite reoriented trading partners (similarity 0.85)

Broader Connections

• The CFA system gives France instruments to steer franc-zone politics #expands (0.80)
• The CFA franc gives France instruments to control the politics of 15 African states. #expands (0.80) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 268
• EMU’s creation transferred monetary authority making France legally unable to renegotiate the franc zone #complicates (0.70) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 223
• No franc-zone state dared request monetary independence, leaving France’s influence intact #expands (0.70) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 184
• The 1962 WAMU accords preserved France’s monetary grip on its former colonies #expands (0.70) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 154
• The CFA system requires African central banks to deposit half their reserves with France. #expands (0.70)
• Producing CFA francs in France costs franc zone states over half a billion euros #expands (0.60) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 244
• CFA franc’s real aims were draining colonial wealth into France, not African progress. #complicates (0.60) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 44
• EMU law forced France’s CFA agreements into the exchange-rate cooperation category #qualifies (0.60)
• CFA franc notes and coins are printed and minted entirely in France #expands (0.60) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 243
• All CFA franc banknotes are physically printed inside France #expands (0.60)
• CFA notes and coins are still manufactured in France. #expands (0.60) — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 45
• CFA currency is still physically manufactured in France #expands (0.60)
• African franc-zone reserves effectively grant France subsidized loans below market rates. #expands (0.60)
• CFA franc notes are printed in France rather than by member states #expands (0.60)