WAEMU was created one day before the 1994 devaluation was announced
Evidence
On the margins of the reorganisation of the relations between France, the African countries of the franc zone and the IMF, the devaluation marked the beginning of the European ‘normalisation’ of the CFA franc. Before the advent of the future European single currency, France was keen to reassure the African countries that the economic logic of the Maastricht Treaty, signed in 1992, would be assimilated by the African countries as well. On 10 January 1994, a day before the announcement of the devaluation, the West African Economic and Monetary Union (WAEMU) was established alongside the WAMU. The treaty on the Economic and Monetary Community of Central Africa (CEMAC) was signed in March 1994 and entered into force in 1999. — Fanny Pigeaud_ Ndongo Samba Sylla, Africa’s Last Colonial Currency, 221