Editing CFA franc (section)

===European Monetary Union===
In 1998, in anticipation of [[Economic and Monetary Union of the European Union]], the [[Council of the European Union]] addressed the monetary agreements France had with the CFA Zone and [[Comoros]] and ruled that:
* The agreements are unlikely to have any material effect on the [[monetary policy|monetary]] and [[exchange-rate regime|exchange rate]] policy of the [[Eurozone]].
* In their present forms and states of implementation, the agreements are unlikely to present any obstacle to a smooth functioning of [[Economic and Monetary Union of the European Union|economic and monetary union]].
* Nothing in the agreements can be construed as implying an obligation for the [[European Central Bank]] (ECB) or any national [[central bank]] to support the convertibility of the CFA and [[Comorian franc]]s.
* Modifications to the existing agreements will not lead to any obligations for the European Central or any national central bank.
* The French Treasury will guarantee the free convertibility at a fixed parity between the [[euro]] and the CFA and Comorian francs.
* The competent French authorities shall keep the [[European Commission]], the European Central Bank and the Economic and Financial Committee informed about the implementation of the agreements and inform the Committee prior to changes of the parity between the euro and the CFA and Comorian francs.
* Any change to the nature or scope of the agreements would require Council approval on the basis of a Commission recommendation and ECB consultation.