Monetary policy is determined by the regional central bank, the priorities of which are targeting inflation and maintaining the CFA franc's peg to the euro. Policy will therefore continue to be influenced by that of the European Central Bank (ECB). The BCEAO last cut its repurchase rate (taux de pension) by 50 basis points to 4.25% in June 2009. With a deteriorating inflationary outlook in the Franc Zone and the ECB tightening in April on similar concerns despite economic and fiscal weakness, the BCEAO may begin to tighten monetary policy in 2011. The BCEAO has recognised Mr Ouattara as president, handing him the power of signature on the country's reserves.