The United Nations Security Council on Thursday welcomed the elaboration of transitional political arrangements in Mali and underlined the need to fully adhere to their terms, issuing a presidential statement in the wake of developments unfolding rapidly in the West African nation.
At least four central cabinet posts—defence, security, territorial administration and national reconciliation—went to colonels in the army, according to a decree read live on state television by the president’s secretary-general Sekou Traore.
The ECOWAS delegation will meet with the ambassadors in Mali of the five permanent members of the UN Security Council — Britain, China, France, Russia and the US– on Sunday morning, according to the programme seen by AFP.
A delegation from the Economic Community of West African States regional bloc met Mali’s prime minister as well as opposition figures in Bamako on Thursday and Friday, in a bid to defuse tensions.
The currency has been criticized for making economic planning for the developing countries of French West Africa all but impossible since the CFA’s value is pegged to the euro (whose monetary policy is set by the European Central Bank). Others disagree and argue that the CFA „helps stabilize the national currencies of Franc Zone member-countries and greatly facilitates the flow of exports and imports between France and the member-countries“. The European Union’s own assessment of the CFA’s link to the euro, carried out in 2008, noted that „benefits from economic integration within each of the two monetary unions of the CFA franc zone, and even more so between them, remained remarkably low“ but that „the peg to the French franc and, since 1999, to the euro as exchange rate anchor is usually found to have had favourable effects in the region in terms of macroeconomic stability“
CFA franc. These two words probably do not mean much to most readers, but they encapsulate one of the world’s most enduring – and little-known – economic experiments. In the simplest possible terms, the CFA franc is a currency used by 14 countries of Western and Central Africa, all of which are former French colonies.