France has a financial system worth seven billion euros, compared with Germany’s four billion or the Spanish financial system’s three billion (because of Santander and BBVA). But the Bank of France’s balance sheet is supported by the CFA franc.
There has long been much polemic surrounding the CFA franc. Is it a symbol of France’s “exploitation and pillaging” in Africa, which has been denounced by demonstrators and many experts who analyse issues affecting this continent. Or, on the contrary, is the CFA franc a guarantee of economic stability and development, as its European and African defenders claim?