1.6. The CFA franc and the birth of the euro (intermediate). In 1999, the launch of the euro buried the French franc to which the CFA franc was pegged: the CFA franc would now be convertible into euros (€) rather than French francs (FF). What is the new parity between the CFA franc and the euro if FF 6.55 = €1? Would you expect the African nations that make up the CFA franc zone to benefit from the change? Explain.