movement of capital

1.         In order to facilitate the exercise of the rights provided for in this Chapter,\COTED and COFAP shall, subject to the approval of the Conference, adopt appropriate measures for:

(a)        the establishment of market intelligence and information systems in the Community;

(b) harmonised legal and administrative requirements for the operation of partnerships, companies, or other entities;

(c) abolition of exchange controls in the Community, and free convertibility of the currencies of the Member States;

(d)        the establishment of an integrated capital market in the Community;

(e) convergence of macro-economic performance and policies through the co- ordination or harmonisation of monetary and fiscal policies, including, in particular, policies relating to interest rates, exchange rates, tax structures and national budgetary deficits;

(f) the establishment of economical and efficient land, sea and air transport services throughout the Community, and

(g)       the establishment of efficient communication services.

2.         COFAP and COTED shall establish a comprehensive set of rules in respect of the areas listed in paragraph 1 of this Article for approval by the Conference.

1.         The Member States shall, where necessary and subject to paragraph 2 of this Article, grant the authorisations required for the movement of capital mentioned in Article 40  on a non- discriminatory basis.

2.         A loan intended for State purposes may require prior notification to the State in which it is being issued or placed.

The Member States shall not introduce any new restrictions on the movement of capital and payments connected with such movement and on current payments and transfers, nor render more restrictive existing regulations except as provided in Article 43 and Article 46