chapter  9
8 Pages

Conclusion and suggestions for future policy

In Chapter 1 we considered three possible routes through which CFA membership might influence economic performance: (1) the impact of the fixed exchange rate on inflation; (2) the impact of the regulatory system on monetary policy and the monetary transmission mechanism; (3) the impact of currency convertibility, transferability and exchange harmonisation on investment and growth. We are now in a position to evaluate the strength of the arguments in favour of the importance of these routes.