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The FN has moved away from the fringes of the political party system to take up a place nearer to the centre. It has subsumed its appeal to racism, Holocaust denial and nativism under a cloak of anti-immigration policies coupled with a broad populist appeal against the demands of the European Union for austerity.

This bodes ill for Europe and its social and political cohesion. It also will have a dramatic impact on Africa if France leaves the Euro zone or if the increasingly dire financial crisis of the French banking system continues.

The monetary policy governing such a diverse aggregation of countries is uncomplicated because it is, in fact, operated by the French Treasury, without reference to the central fiscal authorities of any of the WAEMU or the CEMAC states . Under the terms of the agreement which set up these banks and the CFA the Central Bank of each African country is obliged to keep at least 65% of its foreign exchange reserves in an “operations account” held at the French Treasury, as well as another 20 percent to cover financial liabilities.

The monetary policy governing such a diverse aggregation of countries is uncomplicated because it is, in fact, operated by the French Treasury, without reference to the central fiscal authorities of any of the WAEMU or the CEMAC states . Under the terms of the agreement which set up these banks and the CFA the Central Bank of each African country is obliged to keep at least 65% of its foreign exchange reserves in an “operations account” held at the French Treasury, as well as another 20 percent to cover financial liabilities.

It vast expenditures in pursuing its wars in Libya, Mali and the Central African Republic have exhausted most of the its defence budget. The reason it has been able to sustain itself so far is because it has had the cushion of the cash deposited with the French Treasury by the African states since 1960. Much of this is held in both stocks in the name of the French Treasury and in bonds whose values have been offset and used to collateralise a substantial amount of French gilts

It vast expenditures in pursuing its wars in Libya, Mali and the Central African Republic have exhausted most of the its defence budget. The reason it has been able to sustain itself so far is because it has had the cushion of the cash deposited with the French Treasury by the African states since 1960. Much of this is held in both stocks in the name of the French Treasury and in bonds whose values have been offset and used to collateralise a substantial amount of French gilts

It vast expenditures in pursuing its wars in Libya, Mali and the Central African Republic have exhausted most of the its defence budget. The reason it has been able to sustain itself so far is because it has had the cushion of the cash deposited with the French Treasury by the African states since 1960. Much of this is held in both stocks in the name of the French Treasury and in bonds whose values have been offset and used to collateralise a substantial amount of French gilts

It vast expenditures in pursuing its wars in Libya, Mali and the Central African Republic have exhausted most of the its defence budget. The reason it has been able to sustain itself so far is because it has had the cushion of the cash deposited with the French Treasury by the African states since 1960. Much of this is held in both stocks in the name of the French Treasury and in bonds whose values have been offset and used to collateralise a substantial amount of French gilts

French Treasury officials reckon that if France changes it relationship to the Euro it will have the effect of releasing around 40 percent of the French debt exposure and will extend a lifeline to the French Treasury. It has not calculated what will happen to the CFA francs.

French Treasury officials reckon that if France changes it relationship to the Euro it will have the effect of releasing around 40 percent of the French debt exposure and will extend a lifeline to the French Treasury. It has not calculated what will happen to the CFA francs.

It is up to the francophone Africans to demand from their leaders that they act to preserve whatever is left of the currency reserves in France and start making plans for the collapse of the Euro.

Ouattara kept for years pocketing a double salary as a prime minister and central bank governor. He stopped this practice only when this was discovered and exposed by then opposition leader, Gbagbo, whom he jailed.

The third stakeholder is France, which granted independence to its former African colonies on condition that French troops remained stationed on their territories and they maintain the colonial CFA franc as their common currency

At a fixed-rate of 665.957 to each Euro, the exchange rate of the CFA franc is grossly overvalued. This is tantamount to an economic suicide when one considers that countries around the world battle to keep their exchanges rates low in order to make their exports competitive. But this suits French businesses, which can transfer all their earnings to France at this very advantageous exchange rate.

Another advantage of the system for France is that the enormous wealth that the African leaders accumulate in exchange of their adherence to such a system is recycled uniquely through the French banking system and duly recorde

The fourth stakeholder is the Ivorians themselves, a population under siege, governed by two declared winners of the same election, divided along ethnic and economic lines and fed with the venom of hatred, ready to massacre each other as they did in the deadly civil war they went through between 2002 and 2003.

The fifth stakeholders are two regional organisations: The African regional organisations: the African Union and the Economic Community of West African states (ECOWAS). They endorsed the international community’s stand in favour of Ouattara. France and the US were instrumental in shaping world opinion. France easily secured the EU members support. Jendayi Frazer, an African American, a former US Assistant Secretary of State for African Affairs in the Bush Administration and present US Ambassador to South Africa was instrumental in shaping the Obama’s administration stand.

beyond all the rhetoric, the banning and condemnation, what are at stake in Côte d’Ivoire are the consequences of French on-going colonisation and ruthless exploitation in connivance with unscrupulous local leaders of swathes of west and central Africa. France has been able to phantom the politics and the economics of its former colonies so far. But, in a changing world and an increasing shifting of the world balance of power, its dominance will be more and more questioned.