Googling 'pacte colonial' and other terms does not get me far outside the blogosphere. No wiki, hardly anything on Google Scholar. The World Bank never seems to have written an opinion about it. Hard to believe, at least in this form.
As a counter example, I Googled for Chinese investments in those countries, and found a lot of information / news. That seems to run against the 'Ownership of natural resources'-paragraph.
A last thought: it's about monetary operations for the workings of a common currency. You don't exactly lose money when depositing it at a central bank. The system they describe in pretty harsh terms (google it) , sounds like a scheme pretty normally practiced between banks and central banks.
I had better luck googling "colonial pact". I think the worry is African's money deposited into French reserve bank is used to invest in African infrastructure, and part of the profits kept by the French (and the shareholders of the named company) themselves and the other part remain forever unavailable to the member countries themsevles.
I tried the other languages as well. All the same authors, same pieces rehashed. Nothing like a source to base your opinion on, imho. I'd even trust Krugman at this point ;) I don't read French easily, but even Google Scholar seems to hold the same coloured content.
On the contents: a central bank scheme indeed. And in normal circumstances your central banks profits fill the coffers of your state. In this case the problem is the profits are not divided among stakeholders, only to the shareholder (the French).
Well the solution is 'simple': start your own currency. My impression is that those countries greatly benefit from a more stable currency (haven't looked it up at Bloomberg), since there is an implicit guarantee from the French state (is there?). We need a more total picture (costs and benefits) in order to be able to form somewhat of an opinion.
Comments
Googling 'pacte colonial' and other terms does not get me far outside the blogosphere. No wiki, hardly anything on Google Scholar. The World Bank never seems to have written an opinion about it. Hard to believe, at least in this form.
As a counter example, I Googled for Chinese investments in those countries, and found a lot of information / news. That seems to run against the 'Ownership of natural resources'-paragraph.
A last thought: it's about monetary operations for the workings of a common currency. You don't exactly lose money when depositing it at a central bank. The system they describe in pretty harsh terms (google it) , sounds like a scheme pretty normally practiced between banks and central banks.
I had better luck googling "colonial pact". I think the worry is African's money deposited into French reserve bank is used to invest in African infrastructure, and part of the profits kept by the French (and the shareholders of the named company) themselves and the other part remain forever unavailable to the member countries themsevles.
I tried the other languages as well. All the same authors, same pieces rehashed. Nothing like a source to base your opinion on, imho. I'd even trust Krugman at this point ;) I don't read French easily, but even Google Scholar seems to hold the same coloured content.
On the contents: a central bank scheme indeed. And in normal circumstances your central banks profits fill the coffers of your state. In this case the problem is the profits are not divided among stakeholders, only to the shareholder (the French).
Well the solution is 'simple': start your own currency. My impression is that those countries greatly benefit from a more stable currency (haven't looked it up at Bloomberg), since there is an implicit guarantee from the French state (is there?). We need a more total picture (costs and benefits) in order to be able to form somewhat of an opinion.
Here's a Blomberg article in the matter which suggests the rationale of a more stable currency.
http://www.bloomberg.com/bw/articles/2014-04-17/african-mone...
Here is a good quora question. http://www.quora.com/Is-it-true-that-14-African-countries-ar...
http://skeptics.stackexchange.com/questions/26503/do-african...
one could also argue they would benefit from traditional colonization. whether beneficial or not this central banking setup is colonization by proxy.