Kurbanov R.A. Regional integration in Africa: euro-african integration processes within the Franc Zone

Abstract: This article is dedicated to the project that unites France and a number of African nations, particularly the “Franc Zone”. The mechanisms implemented in the Franc Zone are rather unique and have proven their ability to adapt to the economic changes of the member-states since its inception in 1939. The article reviews the history of its creation, issues of functionality, institutional structure, and the normative acts developed within its framework, including the influence that it imparts upon the national law of the member-states of the organization, as well as development of such integration unions of Africa as West African Economic and Monetary Union (UEMOA) and Central African Economic and Monetary Community (CEMAC). The author analyzes the impact of the Franc Zone upon the economic integration of the member-states, and development of customs union and relations within the European Union. Despite that fact that the doctrine has a split opinion on the fact that the UEMOA and CEMAC do not represent the optimal monetary zones due to the weakness of the domestic trade, the author concludes that this monetary union is a highly integrated regional union with prospects for further development, and can become the model for development of integration processes in other African regions.

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