The ensuing economic difficulties were exacerbated under President François Mitterrand, whose prime minister, Pierre Bérégovoy, pursued a strong French franc – a policy that ultimately led to a massive 100% devaluation of the CFA franc in 1994. And the euro’s appreciation against the dollar from 2002 until very recently meant that the shift in the CFA franc’s exchange-rate peg from the French franc to the euro caused a repeat of that scenario.