This timetable provided for intensified cooperation on monetary, financial and exchange rate policies by 1990, and the introduction of a scheme for the free movement of capital by 1993. A West Indian Commission, headed by Sir Shridath Ramphal, was established to develop an action agenda.
This agenda placed the issue of monetary integration as an important condition for the successful attainment of the single market and economy. Accordingly, a Council of Central Bank Governors was given the mandate to develop a proposal for the introduction of a common currency.