Las ambiciones monetarias equívocas de África

DAKAR – El África subsahariana está en medio de una fiebre de uniones monetarias. Grupos regionales de todos los países en el este, sur y oeste de África están dando prioridad a la idea de crear una unión monetaria. Sin embargo, ¿acaso no hemos escuchado todo esto antes en África?

En efecto, el entusiasmo actual por las uniones monetarias ignora los malos resultados de los intentos previos en el continente para establecerlas de forma pacífica. Una moneda común requiere de políticas monetarias y fiscales unificadas y centralizadas. Sin embargo, esto necesita de una integración política, que, como lo han demostrado los problemas del euro este año, es un asunto difícil de promover entre Estados-nación.

Antes de la llegada del euro a la escena financiera internacional en 1999, los únicos ejemplos de países con monedas comunes estaban en el África francófona neocolonial y anteriormente, en el siglo XIX, en América Latina y en Escandinavia. La creación del CFA (franco de la comunidad financiera africana), que le ofrece a Francia el control del 65% de las reservas de divisas de los países de esta comunidad, combinaba la convertibilidad de la moneda con una paridad claramente sobrevaluada –vinculada primero al franco francés y ahora al euro- así como barreras comerciales. Esto solamente produjo déficits estructurales, una fuga de grandes capitales y, en 1994, una devaluación del 100%.

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