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With the renewal attention relate to the economic performances and economic integration in the economies of the developing countries, specifically in the CFA zone, the fundamental questions like the interaction between the monetary and budgetary policies resulting from a monetary area and the transmission of the asymmetrical shocks coming from outside constitute focal points on which the macroeconomic policies are centered. The results of the interactions modeling between monetary and budgetary spheres highlight the sensitivity of two zones UEMOA and CEMAC to the macroeconomic shocks. The fiscal policy appears as a substitute to the monetary policy in the UEMOA whereas it is complementary to the monetary policy in the CEMAC. The monetary policy in general complies as a Taylor rule in the two zones.

Keywords: Monetary policy, fiscal policy, structural VAR, multi-country model

JEL: C32, E52, E62