"GOP" means the Gross Domestic Product of a State Party; "inflation" means the rate of change in the general price level using a headline index; "macroeconomic means the convergence by State Parties to low and stable levels of inflation, sustainable budget deficits, public and publicly guaranteed debt, and current account balances; convergence" "market distortions" means regulatory or structural obstructions of the market clearing process; "monetisation of deficits" means, the financing of the budget deficit(s) of a State Party through the creation of money; "public and publicly guaranteed debt means, debt consisting of: (a) loans made to a State Party (including loans to public entities and the government of the State Party); and (b) guarantees granted by a State Party (including guarantees granted by public entities and the government of the State Party). ARTICLE 2 PRINCIPLES OF MACROECONOMIC CONVERGENCE 1. In order to achieve and maintain macroeconomic stability within the Region, State Parties shall converge on stability-orientated economic policies implemented through a sound institutional structure and framework and to this end, State Parties shall co-operate and be bound by this Annex. 2. Stability-orientated economic policies, in relation to a State Party, include, but are not limited to: (a) restricting inflation to low and stable levels; 38