In Chapter 2 we examined the impact of CFA membership on long-run monetary growth and inflation. We said nothing about the influence the CFA has on monetary policy in the short run. In this chapter we will focus on the short run, and look at the differences between monetary adjustment in the CFA and monetary adjustment in non-CFA countries. This will be a more data-demanding exercise than the previous one, so we will be using data from just three countries to illustrate our arguments. The countries featured here are Côte d'Ivoire in the CFA, Kenya and Tanzania. Analysis of data for a wider range of countries is beyond the scope of this chapter. Nevertheless, comparison of the Ivorian economy (one of the largest in the CFA) with two non-CFA African economies that have a similar structure is likely to provide some indication of the impact of CFA membership on Côte d'Ivoire's smaller neighbours.