L'examen des systèmes financiers publics des États de l'UEMOA a permis de constater que ces systèmes ont évolué dans le contexte contemporain de la nouvelle gouvernance financière publique. Le souci de la transparence, de la sincérité, de la responsabilité et de l'efficacité, principes cardinaux de la nouvelle gouvernance financière publique, a permis aux États de l'UEMOA sous l'égide de la Commission communautaire de renouveler les bases normatives et institutionnelles de leurs systèmes financiers publics. Les nouvelles normes introduisent une gestion financière publique axée sur les résultats avec une plus grande responsabilisation des acteurs. Elles confortent la suprématie budgétaire du Ministre des finances tout en investissant la direction du budget d'un rôle d'avant-gardiste programmatique en matière budgétaire et le contrôle financier d'une fonction d'évaluation de la dépense publique. Elles ont mis en perspective l'action du Parlement et des juridictions des comptes des États qui doivent mettre la veille à l'efficacité de la dépense publique au cœur de leurs actions. La mise en œuvre des nouvelles normes financières publiques change l'architecture et la méthode d'élaboration du budget qui passe d'une approche de moyen à une approche de résultat. Un ensemble de technicité et de rigueur entour désormais l'élaboration du budget dont les documents de programmation et les mécanismes de conception requièrent plus d'exigences. Les mécanismes et outils de pilotage de la gestion financière des États ont également changé. L'introduction de la responsabilité managériale a rendu nécessaire la mise en œuvre des outils de pilotage empruntés au secteur privé. Mais l'analyse des réalités sociologiques et des capacités internes des États révèle que la corruption, la non application délibérée des textes et l'insuffisance qualitative et quantitative des ressources humaines, matérielles et informationnelles constituent un blocage au bon fonctionnement des systèmes financiers publics. De même, au lieu d'être du "sur mesure" les nouvelles normes paraissent encore être du ''prêt à porter'' et ne tiennent pas toujours compte des réalités sociologiques des États. C'est pourquoi, la présente thèse propose de passer de l'imitation à l'innovation institutionnelle. Elle fait de la consolidation endogène des systèmes financiers publics une condition de réussite qui passe, entre autres, par l'instauration dans les États de la bisannualité budgétaire ; des profils des députés, du comité ordonnateur dans les ministères, de la responsabilisation solidaire du comptable et de l'ordonnateur et de l'instauration d'une responsabilité morale à travers l'implication de la chefferie traditionnelle et des confessions religieuses à la discipline financière. / The review of public financial systems of WAEMU (West African Economic and Monetary Union) States has shown that these systems evolved in the contemporary context of the new public financial governance. The concern for transparency, sincerity, responsibility and efficiency, the cardinal principles of the new public financial governance, allowed WAEMU States under the aegis of the Community Commission to renew the normative and institutional basis of their public financial systems. The new standards introduce a public financial management results-oriented with greater stakeholders accountability. They reinforce the budgetary supremacy of the Minister of Finance while investing the budget department of a pioneering programmatic role in budgetary matters and financial control of an evaluation function of public spending. They put into perspective the work of Parliament and the courts of accounts of States that should ensure the efficiency of public spending at the heart of their actions.The implementation of new public financial standards changes the architecture and the budgeting method that moves from a means approach to a results approach. A set of technicality and rigor now surrounds budgeting with programming documents and design mechanisms need more requirements. The mechanisms and management tools for the financial management of the States have also changed. The introduction of managerial responsibility necessitated the implementation of management tools borrowed from the private sector. But the analysis of sociological realities and internal capacities of the States reveals that corruption, not deliberate application of the texts and the qualitative and quantitative shortage of human, material and information resources are blocking the functioning of public financial systems. Similarly, instead of the "tailor" the new standards still seem to be the '' ready to wear '' and do not always reflect the sociological realities of the States. Therefore, this thesis proposes to move from imitation to institutional innovation. She makes endogenous consolidation of public financial systems a condition for success that goes by, among others, the establishment in the States of fiscal biannuality ; MPs profiles, the authorizing committee in the ministries, solidarity accountability of the accountant and of the authorizing, and establishing a moral responsibility through involvement of traditional chiefs and religious denominations discipline financial.

Um dos aspectos mais importantes da nova realidade internacional é a tendência à formação de blocos regionais. A criação dos blocos ao redor do mundo representa uma estratégia de promoção do desenvolvimento para os países da periferia e, sobretudo, para os Estados africanos que são caracterizados por uma história peculiar de marginalização, países com pobreza e miséria dramáticas, ciclos de instabilidades política e militar, sequelas de séculos de explorações promovida por diversas potências. Como forma de resolver parte dos problemas que afetam o continente, os dirigentes africanos acreditam na integração econômica e política como uma das alternativas. Tratando-se dos países do oeste africano, a integração possibilita uma coordenação conjunta na solução dos problemas internos da região e nos desafios da globalização. O objetivo desta tese é de analisar a inserção da Guiné-Bissau na UEMOA. Neste sentido, o trabalho se propõe responder duas perguntas: em que medida a UEMOA pode contribuir para o desenvolvimento econômico e social guineense e quais são as vantagens e as desvantagens da Guiné-Bissau na UEMOA. Ele parte da hipótese de que a referida união é bastante útil para o país lusófono na medida em que oferece um enorme suporte na sua política monetária e fiscal, sem falar na abertura de novos mercados, embora o ciclo da instabilidade política tenha se constituído num dos principais obstáculos para o desempenho guineense no bloco. Ressalta-se que o presente trabalho foi construído com base nas consultas de diversas obras bibliográficas, e também, durante a construção desta tese, viajamos para o referido país que constitui objeto do nosso estudo, onde obtivemos alguns dados primários através do contato que tivemos com diversos dirigentes do país ligado ao tema. Entretanto, conclui-se que a inserção da Guiné na UEMOA aconteceu de forma precipitada sem que houvesse estudos aprofundados. Embora o país, por um lado, tenha alcançado um dos objetivos que é de estabilizar os preços ou controlar a inflação, assim como encontrou, na união, uma importante fonte de financiamento, o BOAD (Banque Ouést Africaine de Dévelopment), para desenvolver, reabilitar e modernizar as suas infraestruturas. Por outro lado, o desempenho guineense naquele bloco tem sido afetado pelo ciclo de instabilidades que tem dificultado a elaboração de uma estratégia que permitiria a obtenção de ganhos, seja por via do comércio internacional ou pela captação do investimento estrangeiro; com isso, o país se tornou dependente dos seus parceiros do bloco. / One of the most important aspects of the new international reality is the tendency to form regional blocks. The creation of blocks around the world is a development promotion strategy for the periphery countries and, especially to the African states, which are characterized by a peculiar history of marginalization, countries with dramatic poverty and misery, cycles of political and military instabilities, consequences of centuries of explorations promoted by many colonial powers. As a way to solve part of problems that affect the continent, African leaders, believe in economic and political integration as one of the alternatives. Concerning West African countries, the integration enables to joint coordination in solving the internal problems of the region and the challenges of globalization. This thesis aims to analyze the inclusion of Guinea-Bissau in the West African Economic and Monetary Union (WAEMU). Thus, the work aims to answer two questions: to what extent WAEMU can contribute to economic and social development of Guinea-Bissau, and what are the advantages and disadvantages of Guinea-Bissau in the WAEMU. It starts from the assumption that such union is very useful for the Portuguese-speaking country, once it offers a huge support in its monetary and fiscal policy, not to mention the opening of new markets, although the cycle of political instability has been one of the main obstacles to Guinea-Bissau performance in the block. It is noteworthy that this work was done in the basis of research in various literature works, and during the construction of this thesis, we traveled to the country, which is the object of our study, where we obtained some primary data through the contact we had with several leaders of the country related to the subject. However, it is concluded that the inclusion of Guinea - Bissau in WAEMU happened rashly without in depth studies. Although the country on one hand, has achieved one of its goals to stabilize prices and control inflation, as found in union an important source of funding, the BOAD (Banque Ouest Africaine de Development) to develop, rehabilitate and modernize its infrastructure. On the other hand, the performance of Guinea-Bissau in the block has been affected by the instabilities cycle that has hampered the development of a strategy that would allow the development gains, either through international trade or through the capture of foreign investment; with this, the country became dependent on its partners in the block.

Um dos aspectos mais importantes da nova realidade internacional é a tendência à formação de blocos regionais. A criação dos blocos ao redor do mundo representa uma estratégia de promoção do desenvolvimento para os países da periferia e, sobretudo, para os Estados africanos que são caracterizados por uma história peculiar de marginalização, países com pobreza e miséria dramáticas, ciclos de instabilidades política e militar, sequelas de séculos de explorações promovida por diversas potências. Como forma de resolver parte dos problemas que afetam o continente, os dirigentes africanos acreditam na integração econômica e política como uma das alternativas. Tratando-se dos países do oeste africano, a integração possibilita uma coordenação conjunta na solução dos problemas internos da região e nos desafios da globalização. O objetivo desta tese é de analisar a inserção da Guiné-Bissau na UEMOA. Neste sentido, o trabalho se propõe responder duas perguntas: em que medida a UEMOA pode contribuir para o desenvolvimento econômico e social guineense e quais são as vantagens e as desvantagens da Guiné-Bissau na UEMOA. Ele parte da hipótese de que a referida união é bastante útil para o país lusófono na medida em que oferece um enorme suporte na sua política monetária e fiscal, sem falar na abertura de novos mercados, embora o ciclo da instabilidade política tenha se constituído num dos principais obstáculos para o desempenho guineense no bloco. Ressalta-se que o presente trabalho foi construído com base nas consultas de diversas obras bibliográficas, e também, durante a construção desta tese, viajamos para o referido país que constitui objeto do nosso estudo, onde obtivemos alguns dados primários através do contato que tivemos com diversos dirigentes do país ligado ao tema. Entretanto, conclui-se que a inserção da Guiné na UEMOA aconteceu de forma precipitada sem que houvesse estudos aprofundados. Embora o país, por um lado, tenha alcançado um dos objetivos que é de estabilizar os preços ou controlar a inflação, assim como encontrou, na união, uma importante fonte de financiamento, o BOAD (Banque Ouést Africaine de Dévelopment), para desenvolver, reabilitar e modernizar as suas infraestruturas. Por outro lado, o desempenho guineense naquele bloco tem sido afetado pelo ciclo de instabilidades que tem dificultado a elaboração de uma estratégia que permitiria a obtenção de ganhos, seja por via do comércio internacional ou pela captação do investimento estrangeiro; com isso, o país se tornou dependente dos seus parceiros do bloco. / One of the most important aspects of the new international reality is the tendency to form regional blocks. The creation of blocks around the world is a development promotion strategy for the periphery countries and, especially to the African states, which are characterized by a peculiar history of marginalization, countries with dramatic poverty and misery, cycles of political and military instabilities, consequences of centuries of explorations promoted by many colonial powers. As a way to solve part of problems that affect the continent, African leaders, believe in economic and political integration as one of the alternatives. Concerning West African countries, the integration enables to joint coordination in solving the internal problems of the region and the challenges of globalization. This thesis aims to analyze the inclusion of Guinea-Bissau in the West African Economic and Monetary Union (WAEMU). Thus, the work aims to answer two questions: to what extent WAEMU can contribute to economic and social development of Guinea-Bissau, and what are the advantages and disadvantages of Guinea-Bissau in the WAEMU. It starts from the assumption that such union is very useful for the Portuguese-speaking country, once it offers a huge support in its monetary and fiscal policy, not to mention the opening of new markets, although the cycle of political instability has been one of the main obstacles to Guinea-Bissau performance in the block. It is noteworthy that this work was done in the basis of research in various literature works, and during the construction of this thesis, we traveled to the country, which is the object of our study, where we obtained some primary data through the contact we had with several leaders of the country related to the subject. However, it is concluded that the inclusion of Guinea - Bissau in WAEMU happened rashly without in depth studies. Although the country on one hand, has achieved one of its goals to stabilize prices and control inflation, as found in union an important source of funding, the BOAD (Banque Ouest Africaine de Development) to develop, rehabilitate and modernize its infrastructure. On the other hand, the performance of Guinea-Bissau in the block has been affected by the instabilities cycle that has hampered the development of a strategy that would allow the development gains, either through international trade or through the capture of foreign investment; with this, the country became dependent on its partners in the block.

Um dos aspectos mais importantes da nova realidade internacional é a tendência à formação de blocos regionais. A criação dos blocos ao redor do mundo representa uma estratégia de promoção do desenvolvimento para os países da periferia e, sobretudo, para os Estados africanos que são caracterizados por uma história peculiar de marginalização, países com pobreza e miséria dramáticas, ciclos de instabilidades política e militar, sequelas de séculos de explorações promovida por diversas potências. Como forma de resolver parte dos problemas que afetam o continente, os dirigentes africanos acreditam na integração econômica e política como uma das alternativas. Tratando-se dos países do oeste africano, a integração possibilita uma coordenação conjunta na solução dos problemas internos da região e nos desafios da globalização. O objetivo desta tese é de analisar a inserção da Guiné-Bissau na UEMOA. Neste sentido, o trabalho se propõe responder duas perguntas: em que medida a UEMOA pode contribuir para o desenvolvimento econômico e social guineense e quais são as vantagens e as desvantagens da Guiné-Bissau na UEMOA. Ele parte da hipótese de que a referida união é bastante útil para o país lusófono na medida em que oferece um enorme suporte na sua política monetária e fiscal, sem falar na abertura de novos mercados, embora o ciclo da instabilidade política tenha se constituído num dos principais obstáculos para o desempenho guineense no bloco. Ressalta-se que o presente trabalho foi construído com base nas consultas de diversas obras bibliográficas, e também, durante a construção desta tese, viajamos para o referido país que constitui objeto do nosso estudo, onde obtivemos alguns dados primários através do contato que tivemos com diversos dirigentes do país ligado ao tema. Entretanto, conclui-se que a inserção da Guiné na UEMOA aconteceu de forma precipitada sem que houvesse estudos aprofundados. Embora o país, por um lado, tenha alcançado um dos objetivos que é de estabilizar os preços ou controlar a inflação, assim como encontrou, na união, uma importante fonte de financiamento, o BOAD (Banque Ouést Africaine de Dévelopment), para desenvolver, reabilitar e modernizar as suas infraestruturas. Por outro lado, o desempenho guineense naquele bloco tem sido afetado pelo ciclo de instabilidades que tem dificultado a elaboração de uma estratégia que permitiria a obtenção de ganhos, seja por via do comércio internacional ou pela captação do investimento estrangeiro; com isso, o país se tornou dependente dos seus parceiros do bloco. / One of the most important aspects of the new international reality is the tendency to form regional blocks. The creation of blocks around the world is a development promotion strategy for the periphery countries and, especially to the African states, which are characterized by a peculiar history of marginalization, countries with dramatic poverty and misery, cycles of political and military instabilities, consequences of centuries of explorations promoted by many colonial powers. As a way to solve part of problems that affect the continent, African leaders, believe in economic and political integration as one of the alternatives. Concerning West African countries, the integration enables to joint coordination in solving the internal problems of the region and the challenges of globalization. This thesis aims to analyze the inclusion of Guinea-Bissau in the West African Economic and Monetary Union (WAEMU). Thus, the work aims to answer two questions: to what extent WAEMU can contribute to economic and social development of Guinea-Bissau, and what are the advantages and disadvantages of Guinea-Bissau in the WAEMU. It starts from the assumption that such union is very useful for the Portuguese-speaking country, once it offers a huge support in its monetary and fiscal policy, not to mention the opening of new markets, although the cycle of political instability has been one of the main obstacles to Guinea-Bissau performance in the block. It is noteworthy that this work was done in the basis of research in various literature works, and during the construction of this thesis, we traveled to the country, which is the object of our study, where we obtained some primary data through the contact we had with several leaders of the country related to the subject. However, it is concluded that the inclusion of Guinea - Bissau in WAEMU happened rashly without in depth studies. Although the country on one hand, has achieved one of its goals to stabilize prices and control inflation, as found in union an important source of funding, the BOAD (Banque Ouest Africaine de Development) to develop, rehabilitate and modernize its infrastructure. On the other hand, the performance of Guinea-Bissau in the block has been affected by the instabilities cycle that has hampered the development of a strategy that would allow the development gains, either through international trade or through the capture of foreign investment; with this, the country became dependent on its partners in the block.

Les pays membres de l'UEMOA ont, à partir des expériences inachevées de précédentes tentatives d'intégrations, ont décidé, au lendemain de la dévaluation du Franc CFA, de se retrouver dans une nouvelle organisation d'intégration, L'union Economique et Monétaire Ouest Africaine (UEMOA). Dans cette Nouvelle, ils entendent allier une politique économique et monétaire pour bâtir une intégration dans le cadre d'un Marché commun ouvert et concurrentiel. Mais les politiques économiques mis en oeuvre dans le cadre de ce marché commun n'arrivent pas à donner les résultats escomptés. L'objet de notre étude est de comprendre les raisons de cet échec relatif alors que c'est le socle même sur lequel le processus a été bâti. Y'a t'il pas une difficulté résultant de la nature du processus engagé? une intégration par le marché dans un espace qui ne dispose pratiquement pas de marché susceptible de générer les effets attendus de création de commerce et d'amélioration de la situation économique des pays? Ou une économie de marché dans un espace dans lequel tous les Etats ont les mêmes industries, les mêmes produits au lieu d'avoir des industries différentes pouvant réaliser des économies d'échelle par l'effet de commerce qui se crée avec le processus d'intégration porté par le désarmement douanier et l'uniformisation de la fiscalité intérieure communautaire. Par ailleurs, ce qui est une autre préoccupation, la politique économique et fiscale de l'Union peut 'elle être conduite en dehors des orientations monétaires qui sont toujours conçues et mises en oeuvre dans le cadre d'institutions indépendantes. D'un coté les Etats qui conçoivent la politique économique, de l'autre la commission qui définie les objectifs de convergence économique et, enfin, une autre institution, l'institution monétaire régie encore par les textes de l'UMOA de Novembre 1973 qui définit et conduit la politique monétaire. C'est une réponse à ces questions voudraient s'atteler notre thèse. / African countries, members of the West African Economic and Monetary Union (WAEMU), have agreed in their treaty, in particular article 4, to build an economic and monetary union. To this end, the Union has aimed at strengthening the competitiveness of the economic and financial activities of the Member States in an open and competitive market and a rationalized and harmonized legal environment. It also intended to ensure the convergence of the performance and economic policies of the Member States through the institution of a multilateral surveillance procedure. In implementing these objectives, the States of the Union have established among themselves: the pact of convergence and stability, Growth and Solidarity in December 1999. This integration tool, despite numerous adjustments at different stages of its renewal has not yet made it possible to achieve the desired economic convergence. The aim of our study is to examine the economic environment of the Member States in an attempt to understand the reasons for this Community economic underperformance. Have the proposed ratios been elaborated according to the economic realities of the integration area or are they rather a theoretical vision that does not focus on the economic realities of the member states of the Economic and Monetary Union? How to perform these ratios in order to impulse real development of the west Africa, that is the objective of this these.

La recherche porte sur la modernisation du cadre budgétaire des pays de l’UEMOA. Il s’agit d’évaluer la portée des réformes budgétaires développées dans chacun de ces pays. On s’est essayé à mettre en évidence la nécessaire mise en place d’une standardisation de certains dispositifs ainsi que d’une adaptation des procédures ayant fait leurs preuves non seulement dans certains États de la zone mais également dans d’autres pays confrontés à des problèmes similaires. On s’est appuyé sur les comparaisons internationales existantes et l’on a évalué la pertinence des solutions proposées notamment par les bailleurs de fonds. / This research relates to the transformation of budgetary framework of West African Economic and Monetary Union (WAEMU) countries. It is a question of evaluating the extent of the budgetary reforms undertaken in each respective country. The research has tried to highlight the necessary installation of certain standard devices as well as adapting proven reliable procedures not just for certain zones of specific countries but also other countries confronted with similar issues. This exercise was based on existing international comparisons and the evaluation examined the relevance of the solutions suggested in particular by the financing institutions.

Depuis 1939, une partie des pays de l'Afrique de l'Ouest a pour monnaie le Franc CFA d'Afrique de l'Ouest. Ces pays constituent, de fait, une zone monétaire. La dévaluation du CFA de 1994 marque le passage d'une convertibilité automatique à une convertibilité partielle. Il est alors légitime de s'interroger sur l'optimalité de cette zone monétaire surtout dans un contexte où la Zone Euro connaît elle même des difficultés.Elle a pour ambition de s'interroger sur l'optimalité de la zone monétaire l'Union Economique et Monétaire Ouest-Africaine. L'étude a donc pour objectif d'identifier si cette zone monétaire est une Zone Monétaire Optimale, (ZMO) au sens de MUNDELL (1961). L'objet d'étude soulevé ici portera plus particulièrement sur l'analyse des critères de faisabilité d'une ZMO et le passage à des critères de soutenabilité. Les critères de premier rang d'une ZMO, déterminés par les auteurs précurseurs de littérature sur la question dans les années 1960 et 1970, constitués principalement par les apports de MUNDELL, (1961).Notre travail propose de ne pas se limiter à la définition donnée par MUNDELL, même si cette théorie s'applique à juste titre pour des pays candidats à l'adhésion. Dans ce cas la Loi du Prix Unique permet de caractériser la fixité du taux de change comme étant une condition nécessaire de premier rang. Cette condition de premier ordre est non suffisante pour justifier de la soutenabilité et durabilité d'une zone. La fixité des monnaies est la deuxième condition retenue. La monnaie unique devient alors un choix rationnel qui se justifie par les avantages qu'elle procure aux pays qui l'adoptent. / Ome of the West African countries have adopted the CFA Franc (Franc of African Financial Communities) as their currency in 1939. These countries hence form a monetary zone. The devaluation of the French CFA in 1994 marked the passage from an automatic convertibility to a partial convertibility. It seems legitimate to consider the optimality of the West-African currency area - especially in a context where the Euro zone itself faces difficulties.This thesis aims to identify whether this area is indeed an optimal currency area as defined by MUNDELL in 1961. The object of study raised here will focus more particularly on the analysis of the feasibility of an OCA (Optimum currency area) and on the passage to sustainability criteria. The primary criteria of an OCA -- as determined by the founding authors in the literature of the 1960s and 1970s on the issue, MUNDELL being the main contributor (1961). This study however does not restrict itself solely to the definition given by MUNDELL, even though his theory applies rightly to countries which are candidates to entry into the union. In this case, the Law of one Price (Loop) can characterize the fixity of the exchange rate as a primary necessary condition. This proviso however is not sufficient to justify the sustainability and durability of an area. In case this latter condition is not met, the other condition is the fixity of currencies. The unique currency then becomes a rational choice which is justified by the advantages it procures countries which adopt it.

Dans cette thèse, nous étudions empiriquement les liens de causalité, au sens de Granger, entre le développement financier et la croissance économique dans le cadre de l'UEMOA et de la CEDEAO. La plupart des études dans ce domaine sont réalisées dans les domaine temporel. Ici, nous associons les domaines temporel et fréquentiel par l'utilisation de modèles multivectoriels autorégressifs. Pour ce faire, nous utilisons la méthode de décomposition de Geweke (1982, 1984) améliorée par Chen et al. (2008) afin d'obtenir, en plus des relations causales temporelles et fréquentielles, les causalités instantanées et la dépendance. Cette thèse apporte aussi une contribution théorique en proposant une méthode de calcul des p-values plus adaptée aux échantillons de petite taille. Les applications portent d'abord sur les relations causales entre finance et croissance dans les domaines temporel et spectral. Ensuite, nous examinons l'influence de l'inflation sur ces relations. Enfin, nous étudions les relations causales entre croissance et Investissements Directs Etrangers (IDE) conditionnellement au développement financier et à l'ouverture économique. / The framework of Geweke (1982, 1984) improved by Chen et al. (2008)is used in this thesis to conduct Granger causality between finance and growth in the context of West Africa. We adopt the time - and frequency- approaches to bring out instantaneous causality and dependence by employing vector autoregressive models. In this work, we propose p-values computations more suitable for small sample size. Empirical investigations examine, successively, causal links between finance and growth, the impact of inflation on these links, and the conditional relationships between growth and Foreign Direct Investment (FDI) to financial development and economic openness.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2016-09-14T18:16:33Z No. of bitstreams: 1 Rafael João Dias.pdf: 1704235 bytes, checksum: e2df6e1cac0122c4bdbec9cad09f1e94 (MD5) / Made available in DSpace on 2016-09-14T18:16:33Z (GMT). No. of bitstreams: 1 Rafael João Dias.pdf: 1704235 bytes, checksum: e2df6e1cac0122c4bdbec9cad09f1e94 (MD5) Previous issue date: 2016-04-04 / Conselho Nacional de Procuradores-Gerais / The global economic transformations that have occurred in the last decades, especially in the post-Cold War, are fundamental to understand the dynamic and expanding phenomenon that comprehend the formation of regional economic blocs as strategic alternatives to develop country areas. The challenge of globalization has forced African countries to look for integration as a viable path to sustain the development zone process. The African continent shows fragile and vulnerable aspects that aggravate several challenges such as logistical infrastructure, network transport system and the persistent situation of poverty and misery, resultant of a long colonial period, political failures occurred during the post-independence period and imperialists polices. This research analyzes the state of regional integration, focusing on the commercial, economic and financial policies in regional schemes, especially on the West African Economic and Monetary Union (WAEMU). The economic and monetary integration offers advantages in terms of monetary stability, growth, competitiveness, financial markets development and stronger participation in the global economic scenario. The integration can benefits the financial and commercial market, although it needs a minimum level of regional regulatory activities to define and naturally promote the intended development. The member States must organize and implement the regional activities. Particularly, the integration process is being important for the African development, however the distribution of benefits is unequal / As transformações econômicas mundiais ocorridas nas ultimas décadas, sobretudo no pós-guerra fria, são fundamentais para entender as dinâmicas e expansão do fenômeno da formação de blocos econômicos regionais como ferramentas estratégicas para os países em desenvolvimento. O desafio da globalização imposta aos países africanos impusera a necessidade da integração como alternativa viável para sustentar o processo de desenvolvimento da região. O continente Africano mostra aspectos frágeis e vulneráveis que agravam a vários desafios, tais como infraestrutura logística, sistema de rede de transporte e à situação persistente de pobreza e miséria, resultante de um longo período colonial, à qual se soma erros políticos cometidos no período pós-independência e as políticas exercidas pelos imperialistas. Este trabalho analisa o estado da integração regional no que diz respeito às relações comerciais, políticas econômicas e financeiras em regimes regionais, principalmente, União Econômica e Monetária do Oeste Africano (UEMOA). No decorrer da pesquisa constatamos que, em especial, a integração econômica e monetária regional oferece vantagens em termos de estabilidade monetária, o crescimento, a competitividade, o aprofundamento dos mercados financeiros e maior participação na economia global. Apesar dos benefícios que a integração pode trazer ao comercio e as finanças são necessárias um nível mínimo de atividades regulatórias para definir e naturalmente, promover o desenvolvimento almejado. Os Estados Membros necessitam organizar e implementar as atividades regionais. Particularmente, embora o processo de integração esteja sendo importantes para o desenvolvimento dos países membros, as distribuições dos benefícios são desiguais

Si la littérature du biais inflationniste de la Nouvelle École Classique, au travers des concepts decrédibilité et de transparence, a conduit à l'indépendance des Banques centrales, sa critique par laNouvelle École Keynésienne l'a réduit à une indépendance instrumentale et a mis en exergue le rôlede sa gouvernance, de l'importance de sa relation avec la sphère politique pour la légitimité de sonaction, ainsi que le rôle essentiel des Conseils de politique monétaire (CPM).Aussi bien en théorie que dans les faits, ce cadre institutionnel qui reflète la gouvernance montre uneBanque centrale non pas séparée du politique mais plutôt en relation avec celui-ci. Dans la mesure oùles décisions de politique monétaire sont prises par un CPM, la gouvernance concerne également sonorganisation et les procédures d’élaboration de la décision.L’objectif de cette thèse est d’analyser à la lumière de ses développements récents, la gouvernance àla BCEAO et à la BEAC qui sont les Banques centrales couvrant les deux unions monétaires de lazone franc, à savoir l’UEMOA pour la première et la CEMAC pour la seconde. Cette thèse a aussipour objectif de montrer que la pérennisation de ces deux unions monétaires passe par une meilleuregouvernance et la nécessité d’un fédéralisme budgétaire en leur sein impliquant donc une plus forteunion politique. Toutefois, nous soulignons les obstacles rendant très difficile la réalisation de cetteultime étape de l’intégration. / If the literature of the inflationary bias of the New Classical School, through the concepts of credibilityand transparency, led to the independence of Central Banks, its review by the New Keynesian Schoolreduced it to an instrumental independence and has highlight the role of its governance, of theimportance of its relationship with politicians for the legitimacy of its action and the essential role of theCouncils of monetary policy.In theory and in practice, this institutional framework that reflects governance shows a Central Bank(MPC) not separated from politics but rather in connection therewith. Insofar the monetary policydecisions, the governance, and procedures for the preparation of the decision are taken by a CPM.The objective of this thesis is to analyze in the light of recent developments, governance at theBCEAO and the BEAC which are the central banks covering two monetary unions from franc zonenamely WAEMU and CAEMC. This thesis also aims to show that the sustainability of these twomonetary unions through the benefits might enjoy better governance and the need for fiscal federalismwithin them thus implying a stronger political union. However, we highlight the barriers embarrassingthis final stage of integration.