Main article: Africa
Members of the union
2019: Renaming of CFA franc in eko with preserving of a binding to euro
In December, 2019 the currency union of the countries of the Western Africa agreed with France to rename the CFA franc into currency under the name eko and to terminate some financial communications with Paris which were the cornerstone of circulation of common currency of the region from the moment of its creation soon after World War II.
According to the agreement, eko will remain tied to euro, but the African countries will not need to store in the block any more than 50% of the reserves in the French treasury, also will not be the French representative in council of the currency union any more.
Critics of KFA long considered it as a remnant of colonial times while supporters of currency say that it provided financial stability in often restless region.
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