A relevant question for us here is why these countries have not managed to take more advantage of the stability provided through the fixed exchange rate regime. One important limitation has been that until 1994, the degree of economic and financial interaction and regional cooperation among the countries of the CFA franc zone was relatively limited.
There are surely many reasons for this, partly related to various administrative restrictions, different tax treatments and protectionist trade policies. But also political considerations, influenced by a perceived need to maintain special economic and political links to France, appear to have dominated at the expense of regional economic considerations. After 1994, efforts have been made to strengthen regional economic and monetary integration.