(b) define and implement a cross-border payment strategy for the Region; (c) identify, measure, minimise and manage payment system risk (in particular systemic risk relating to payment systems); (d) achieve convergence across the Region of the features, policies, practices, rules and procedures relating to payment systems, clearing system and settlement system; (e) conduct ongoing payment system oversight aimed at reducing and eliminating cross-border settlement risk and systemic financial risk. ARTICLE4 CO-OPERATION AND CO-ORDINATION 1. 2. In order to achieve the objectives set out in Article 3, the Central Bank in each State Party shall, in co-operation with the other Central Banks in the Region, : (a) sensitise the key stakeholders in that State Party to payment system issues; (b) build payment system capacity in that State Party; (c) identify and measure payment system risk in that State Party, and establish appropriate procedures for the management of such risk; (d) develop a legal framework in that State Party to support modern payment system mechanisms; (e) monitor, on an ongoing basis, international payment system best practices and align the payment system developments in that State Party in accordance therewith; (f) define and implement a payment system strategy in that State Party. The Central Bank of each State Party shall, in co-operation with the other Central Banks: (a) define and implement a cross-border payment strategy for the Region, which strategy may be based on currency convertibility within the Region or, in the future, on a single currency for the Region; (b) identify and measure payment systems risk and establish appropriate procedures for the management of such risk; 65