Article 51
Money, finance and payments
In order to promote monetary and financial integration, and facilitate intra-Community trade in goods and services and the realization of the Community's objective of establishing a monetary union, Member States undertake to:
(a) study monetary and financial developments in the region;
(b) harmonize their monetary, financial and payments policies;
(c) facilitate the liberalization of intra-regional payments transactions and, as an interim measure, ensure limited convertibility of currencies;
(d) promote the role of commercial banks in intra-community trade financing;
(e) improve the multilateral system for clearing of payments transactions between Member States, and introduce a credit and guarantee fund mechanism;
(f) take necessary measures to promote the activities of the West Africa Monetary Agency in order to ensure convertibility of currencies and creation of a single currency zone,
(g) establish a Community Central Bank and a common currency zone.
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