Finally, the adoption of a flexible exchange rate regime desired by Cedeao would increase the significant risks in terms of monetary shocks for Uemoa economies, particularly those that have increased their use of foreign currency borrowing in recent years. Years. years," says S-P, recalling the conclusion of one of its 2017 reports on the dangers of devaluation: in the event of a currency crisis and without the French guarantee, Côte d'Ivoire, Senegal and Togo, which borrowed heavily, especially in form Eurobonds, see their debt heavily set up and S-P would be forced to lower their ratings.