[seszett]

Isn't it very common for a currency to be pegged to another, though? Dozens of currencies are pegged to the EUR or USD, and the two CFA francs are not very different, except that the French treasury is legally bound to guarantee free convertibility between CFA franc and euro, unlike say the US federal reserve with Cuban peso.

[skgoa]

Yes, it is common. There are even countries that officially adopting a currency they do not control, e.g. Croatia uing the euro. But this has the very real drawbacks that the previous comments mentioned.