ABSTRACT
De Macedo sets up a theoretical framework allowing, not only an explanation of Senegal's singular monetary experience, but also an analysis of up-to-date issues important to African countries. For example, what are the monetary consequences for small countries envisioning South-South monetary cooperation (e.g., should Guinee follow the Malian example or join UMOA directly?)? In the latter case, 1 what currency regime should they adopt, assuming that a fixed single peg guarantees a transfer of real resources from the large country?
