Article 14: The Council for Finance and Planning

  1.  The Council for Finance and Planning shall consist of Ministers designated by the Member States.  Each Member State shall be entitled to designate alternates to represent it on COFAP.
  1. Subject  to  the  relevant  provisions  of  Article  12,  COFAP  shall  have primary responsibility  for economic policy co-ordination and financial and monetary integration of Member States and, without prejudice to the generality of the foregoing, shall:

(a)        establish and promote measures for the co-ordination and convergence of national macro-economic policies of the Member States and for the execution of a harmonised policy on foreign investment;

(b)        promote and facilitate the adoption of measures for fiscal and monetary co- operation among the Member States, including the establishment of mechanisms for payment arrangements;

(c)        recommend measures to achieve and maintain fiscal discipline by the

Governments of the Member States;

(d)        pending  the  establishment  of  a  monetary  union  in  the  Community, recommend arrangements for the free convertibility of the currencies of the Member States on a reciprocal basis;

(e)        promote  the  establishment  and  integration  of  capital  markets  in  the

Community, and

(f)         undertake any additional functions remitted to it by the Conference arising under this Treaty.


  1. Under the direction of COFAP, the Committee of Central Bank Governors shall assist in the performance of the functions mentioned in paragraph 2 of this Article.