CFP franc in the context of "Overseas collectivity of France"

A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union, which would have, in addition, a customs union and a single market).

In France, an overseas collectivity (French: collectivité d'outre-mer, abbreviated as COM) is a first-order administrative division, on the same level as its regions, but have a semi-autonomous status. The COMs include some former French overseas colonies and other overseas entities with a particular status, all of which became COMs by constitutional reform on 28 March 2003. The COMs differ from overseas regions and overseas departments, which have the same status as metropolitan France but are located outside Europe.As integral parts of France, overseas collectivities are represented in the National Assembly, Senate and Economic and Social Council. Though some are outside the European Union, all can vote to elect members of the European Parliament (MEPs). (All of France became one multi-member EU constituency in 2019.) The Pacific COMs use the CFP franc, a currency pegged to the euro, whereas the Atlantic COMs use the euro itself. As of 31 March 2011, there were five COMs:

• French Polynesia became a COM in 2003. Its statutory law of 27 February 2004 gives it the designation of overseas country inside the Republic (French: pays d'outre-mer au sein de la République, or POM), but without legal modification of its status. French Polynesia has a great degree of autonomy, two symbolic manifestations of which are the title of the President of French Polynesia (Le président de la Polynésie française) and its additional designation as a pays d'outre-mer. The legislature is the Assembly of French Polynesia since 2004.
• Saint Barthélemy, an island in the Lesser Antilles. St. Barthelemy was separated from the overseas department of Guadeloupe in 2007. It has a territorial council and executive council, and in 2012 ceased to be part of the European Union.
• Saint Martin, the northern part of the island of Saint Martin in the Lesser Antilles. St. Martin was separated from the overseas department of Guadeloupe in 2007. It has a territorial council and executive council, and with separation remained a part of the European Union.
• Saint Pierre and Miquelon, a group of islands in the Atlantic Ocean off the coast of Newfoundland, Canada. It has a territorial council. It is the last remaining part of New France to be under French rule.
• Wallis and Futuna, three small islands in the Pacific Ocean has a high administrator and territorial assembly.

The Institut d'émission d'outre-mer (IEOM, lit. 'overseas institution of issue') is a public bank of issue that issues the CFP franc, the currency of the French overseas collectivities French Polynesia, New Caledonia, and Wallis and Futuna.