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World economic uncertainty, difficulties encountered by Central Africa after the oil price shortfall, and progress in trade integration in West Africa lead to take a new approach to the Franc Zone prospects. The Franc Zone is more than fifty years old, and it has known many reforms. Its basic principles, namely a fixed rate of exchange and a guarantee of convertibility through the “ compte d’opérations” of the Central Banks (BCEAO and BEAC) at the French Treasury, have been maintained. However, the Franc Zone has shown its capacity to adapt to new situations: African governance of Central Banks, establishment of Economic Unions, control of capital transactions, replacement of the French franc by the euro, independence of the Central Banks. The Franc Zone may thus appear as a genuine and effective cooperation regime. It can still evolve, as has happened in the past, and at the request of African governments.Several perspectives are examined. Is it desirable to make the rate of exchange more flexible and how to make it so? Should the “ compte d’opérations” be cancelled or is it better to change its working modalities and the French participation in the governance of the Central Banks? Is a geographical enlargement, in particular for WAEMU, compatible with maintaining French support? Should the name of the currencies be changed? This paper considers the benefits and difficulties of the various possible answers.JEL Codes: E58, F45, O19.