[toyg]

>The usage of Franc CFA is actually beneficial to those using the currency as it's value is pegged to the Euro, hence helping to control inflation.

The merits of pegging local currencies in such a way are very doubtful. Across the whole eurozone, today, this issue is hotly contested by activists stating that this rigidity penalizes poorer countries, because their lower-quality wares cannot use currency devaluation as a competitive weapon anymore. Countries using the Franc CFA might be experiencing the same problem... Also, Argentina started its bankrupting spiral when its currency was artificially pegged to the US Dollar without really having the commercial and political power to sustain such link in the long run.

A monetary policy is not just about "keeping inflation low" -- in fact, inflation and currency devaluation in many cases are necessary corrections.