Economic Community of West African States
Supplementary Act A/SA.4/06/12 Relating to the Macroeconomic Convergence and Stability Pact Among the ECOWAS Member States
Act 6-4 of 2012
- Published in official journal 61 on 1 June 2012
- Commenced on 29 June 2012
- [This is the version of this document at 29 June 2012.]
Article 1
The Supplementary Act relating to the Macroeconomic Convergence and Stability Pact among the Member States of the Economic Community of West African States is hereby adopted.Article 2 – Definitions
For the purpose of this Supplementary Act, the following meanings shall apply:Convergence Council: The Convergence Council comprising the Ministers of Finance and Governors of the Central Banks of the Member States as provided for in Article 3 of Decision A/DEC.17/12/01Convergence criteria: Convergence indicators comprising primary and secondary criteriaPrimary criteria: Indicators for which non-compliance may lead to the explicit formulation of a Council regulation urging the Member State concerned to develop and implement a programme of corrective measuresSecondary criteria: Indicators aimed at facilitating compliance with, and the viability of, the primary criteria. They shall be used in the formulation of economic policy recommendations aimed at ensuring compliance with primary criteriaMember State: Any State that has signed and ratified the Revised ECOWAS TreatyPact: The macroeconomic convergence and Stability Pact instituted by this Supplementary ActConvergence programme: Multi-year convergence ProgrammeMultilateral Surveillance: The Community mechanism for the definition and monitoring of the economic and financial policies of the Member States provided by Decision A/DEC.17/12/01 of 21 December 2001Article 3 – Objectives of the Agreement
Article 4 – Organisation of the Pact
Article 5 – Convergence programme
With a view to implementing the Pact, each Member State shall develop a convergence programme aimed at achieving the medium-term convergence objectives. The programme shall be on for five (5) years rolling basis.Article 6 – Content of the convergence programme
Article 7 – Coordination and coherence of the programmes
Article 8 – Types of convergence programmes
Three types of programmes shall be identified for the implementation of the Pact:Article 9 – Convergence programmes submission period
Member States shall officially submit their convergence programmes to the Commission no later than 31st October every year. The Commission shall acknowledge receipt of the programmes and shall consider it within thirty (30) days following receipt thereof.Article 10 – Evaluation of the convergence programmes
Article 11 – Adoption of the convergence programmes
The convergence programmes developed and approved by the competent authority shall be submitted to the annual session of the Convergence Council held in December for adoption in the form of a Decision.Article 12 – Convergence criteria
Article 13 – Modification of the criteria
The Convergence Council shall be competent to modify the convergence criteria and their targets as well as the computation methodology.Article 14 – Compliance with the criteria
Article 15 – Convergence deadline
The macroeconomic convergence deadline shall be 31 December 2016. All Member States shall comply with all primary criteria by that date.Article 16 – Convergence phase
The Convergence phase shall cover the period: 1st January 2012 to 31 December 2016. During that period, Member States shall put in place macroeconomic policies aimed at achieving the convergence criteria, in particular the primary criteria. The Community shall enter into the stability and consolidation phase when all Member States have complied with the primary criteria.Article 17 – Stability and consolidation phase
Article 18 – Implementation of corrective measures
During the convergence phase or the performance consolidation and stability phase, in case of the degradation of a primary criterion leading to non-compliance with the identified standards, the Member State concerned shall implement corrective measures within the deadline indicated by the Convergence Council except in exceptional circumstances.Article 19 – Exceptional circumstances and their determination
Article 20 – Implementation of the Pact
The Convergence Council shall indicate through a resolution or recommend any measure required for the coordinated implementation of the Pact, notably:Article 21 – Entry into force and publication
History of this document
29 June 2012 this version
Commenced
Consolidation