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Global Scholars Journal of Economics Vol.2 (2), pp 23-42 December, 2014
©2014 Global Scholars Journals.

 

Full Length Research Paper

The European sovereing dept and it's impact on the economic and monetary Community of Central African States (CEMAC)

Francklin Beyard M'foutou and Liu Xiaoxing

School of Economics and Management, Southeast University, Nanjing,China.

E-mail: francklinstein@yahoo.com.  Tel: +242 069548078, +86 152 518 54794.

Accepted 17 December, 2014

 

 

 

   
   
   
   
   
   
   
   
   
   
   
  Abstract  
 

At first, this study represents a theoretical analysis of the European community sovereign debt crisis and its economic and monetary impacts, on European foreign partners. The European sovereign debt appears to be one of major consequences of global economic downturn. The real estate market collapse subsequent to the subprime crisis, has deeply affected the European economy and the global financial system. Secondly, the weakening of European economic aggregates, as well as the drying of inter-bank liquidity and members States capability on sovereign debt repayment, the declining of social standard in Greece; in Portugal and Spain, sustain fear on productive investments in Europe and towards European foreign partners, such as countries of the Central African Economic and Monetary Community (CEMAC). Decreasing economic performances and the debt crisis in Europe, pose the problem of cyclical functioning. Moreover, the debt crisis and its increasingly state pose a direct threat towards the CEMAC States, which fear negative economic and monetary impacts on their developing community; as the result of maintained closer economic and monetary ties. The monetary agreement, between the European currency Euro and the Central African currency Xaf, established in 1998  following the French integration into the European Community; the European Council adoption of a fixed parity between Euro; Xaf and the Comorian francs, established the new fixed parity at:1 Euro equals 655.957 Xaf . Finally, this prospective research topic aims to analyze the impact of the European sovereign debt crisis spreading from Europe and throughout the CEMAC, and jeopardizes the African community, newly acquired partnerships with emerging countries such as Russia, or China.

Keywords: Sovereign Debt; European Community; Central African Community; Xaf currency; Euro currency.

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