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