CFA franc
Critics argue that in exchange for the guarantees provided by the French treasury, African countries channel more money to France than they receive in aid. They also argue that they have no say in deciding key monetary policies. In January 2019, the Italian government accused France of impoverishing Africa through the CFA franc. France responded by ejecting Italy's ambassador to Paris. However, criticism of the CFA franc, coming from various African organisations, continued. On 21 December 2019, President Alassane Ouattara of the Ivory Coast and President Emmanuel Macron of France announced an initiative to replace the West African CFA Franc with the Eco. Subsequently, a reform of the West African CFA franc was initiated. In May 2020, the French National Assembly agreed to end the French engagement in the West African CFA franc. The countries using the currency will no longer have to deposit half of their foreign exchange reserves with the French Treasury. The West African CFA franc is expected to be renamed to the "Eco" in the near future.