One of the projects is the expansion of the Mozal aluminium plant in Mozambique, construction of a gas export pipeline from Mozambique to South Africa and the Inga Dam project in the Democratic Republic of Congo. Achieving macro-economic stability and convergence in key macro-economic aggregates are important pre-requisites for the eventual achievement of monetary union.
This does not all fall in the ambit of central bank responsibility. Nonetheless, central banks play a key role in pursuing macroeconomic stability. If central banks successfully pursue price stability, that is low inflation, they will be making a fundamental contribution to macroeconomic stability, which is a prerequisite for monetary union. 6  BIS Review 45/2004  8.