(v)  an Exchange Rate Mechanism (ERM) has been put in place since April 2002 to enhance macroeconomic convergence. (vi)  a decision has been taken to adopt a market-based monetary management strategy under the unified monetary and exchange rate policy regime in the sub-region.
(vii)  agreement has been reached that the primary goal of the common central bank, the WACB, would be maintenance of price stability. This would be accompanied through a phased movement towards inflation targeting.