ARTICLE 5 INFORMATION AND DATA 1. Member States will, in accordance with Article 7, provide all data and reports required for the implementation and monitoring of this MOU. 2. Data will be provided in accordance with internationally acceptable data standards as defined by the International Monetary Fund. ARTICLE 6 INSTITUTIONAL ARRANGEMENTS 1. Member States agree that the Committee of Senior Treasury Officials will be responsible for the implementation of this MOU and will report on implementation to the Committee of Ministers for Finance and Investment ~ 2. The Committee of Senior Treasury Officials may make use of, or recommend to the Committee of Ministers for Finance and Investment, the establishment dt, any structure that may be necessary to facilitate the implementation of this MOU. 3. Member States agree that, for the purposes of this Article, the Committee of Ministers for Finance and Investment, will collaborate with the Committee of Central Bank Governors. ARTICLE 7 MONITORING AND SURVEILLANCE 1. The Committee of Ministers for Finance and Investment will establish a collective surveillance procedure to monitor macroeconomic convergence in the Region, determine specific targets, assess progress relative to these targets and provide advice on corrective actions. 2. Member States will present to the Committee of Ministers for Finance and Investment an annual convergence programme which will include: (a) a review of recent economic developments in the Member States; (b) progress relative to previous targets; (c) medium-term objectives for the agreed convergence indicators; and (d) specific targets for these indicators over a three-year period. 3. The Committee of Ministers for Finance and Investment will evaluate and monitor the annual convergence programmes submitted by Member States, determine whether they satisfy the common guidelines, advise on possible changes, compare outcomes with previous programmes and make recommendations they may deem appropriate in accordance with the Treaty. 5