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Recent developments in the monetary situation in West Africa, in particular the transformation for the CFA franc area and the project to build a single currency for the CEDEAO/ECOWAS, require a systematic review of the assumptions underlying the formation of monetary unions. The article provides a critical review of the traditional theoretical foundations of optimal currency areas (OCAs) and their subsequent amendments, in light of the problems that emerged in the most relevant monetary unions. On specific points, a comparison is made between the eurozone and the CFA zone. The article then investigates the specific characteristics of the monetary area affected by the reform project, and finally it indicates the main lines along which the project of a common currency to all the states that currently make up the CEDEAO/ECOWAS could evolve, identifying four possible alternative roadmaps. JEL codes: F33, F53, F45

Le evoluzioni recenti della situazione monetaria in Africa dell’Ovest, in particolare la trasformazione per l’area del franco CFA e il progetto di costruzione di una moneta unica per la CEDEAO/ECOWAS, impongono una revisione sistematica delle ipotesi che sottostanno alla costituzione di unioni monetarie. L’articolo fornisce una rassegna critica dei fondamenti teorici tradizionali delle aree monetarie ottimali (AMO) e dei loro successivi emendamenti, alla luce dei problemi emersi nelle principali unioni monetarie. Su specifici punti viene effettuata una comparazione fra eurozona e zona CFA. Successivamente l’articolo indaga le caratteristiche specifiche dell’area monetaria interessata dal progetto di riforma, e infine indica le principali linee lungo le quali potrebbe evolvere il progetto di una moneta comune all’insieme degli stati che compongono attualmente la CEDEAO/ECOWAS, individuando quattro possibili percorsi alternativi. Recent developments in the monetary situation in West Africa, in particular the transformation for the CFA franc area and the project to build a single currency for the CEDEAO/ECOWAS, require a systematic review of the assumptions underlying the formation of monetary unions. The article provides a critical review of the traditional theoretical foundations of optimal currency areas (OCA) and their subsequent amendments, in light of the problems that emerged in the most relevant monetary unions. On specific points, a comparison is made between the eurozone and the CFA zone. The article then investigates the specific characteristics of the monetary area affected by the reform project, and finally indicates the main lines along which the project of a common currency to all the states that currently make up the CEDEAO/ECOWAS could evolve, identifying four possible alternative roadmaps. JEL codes:F33, F53, F45

La recente crisi dell’eurozona, insieme all’annunciata riforma del franco della Comunità Finanziaria Africana e ai progetti di costituzione di nuove aree valutarie in diversi continenti, ha riportato il tema delle unioni monetarie in primo piano nel dibattito economico. La presente introduzione intende mostrare come i contributi contenuti in questo numero speciale arricchiscano tale dibattito. The recent eurozone crisis, together with the announced reform of the African Financial Community franc and plans to establish new currency areas in different continents, brought the issue of monetary unions back to the fore in the economic debate. The present introduction aims at showing how the contributions contained in this special issue can consistently enrich this debate. JEL codes: E42, F33, F45

Recent developments in the monetary situation in West Africa, in particular the transformation for the CFA franc area and the project to build a single currency for the CEDEAO/ECOWAS, require a systematic review of the assumptions underlying the formation of monetary unions. The article provides a critical review of the traditional theoretical foundations of optimal currency areas (OCAs) and their subsequent amendments, in light of the problems that emerged in the most relevant monetary unions. On specific points, a comparison is made between the eurozone and the CFA zone. The article then investigates the specific characteristics of the monetary area affected by the reform project, and finally it indicates the main lines along which the project of a common currency to all the states that currently make up the CEDEAO/ECOWAS could evolve, identifying four possible alternative roadmaps.