ARTICLE 1 DEFINITIONS In this Memorandum of Understanding (MOU), unless the context otherwise requires, a word defined in the Treaty bears the same meaning, and: "budget deficit" means government's expenditure and net lending which exceeds receipts from revenue and grants; "Committee of Central Bank Governors" means the Committee of Governors of Central Banks of Member States; "Committee of Ministers for Finance and Investment" means the Committee of Ministers or any such body that Council may establish responsible for policy development and policy making for finance and investment matters; or such similar body that Council may establish; "Committee of Senior Treasury Officials" means the technical advisory body to the Committee of Ministers for Finance and Investment, consisting of Heads of Treasuries; "current account" means the record of transactions in goods, services, income and current transfers between residents of one country and another; "exchange rate" means the price at which one currency is exchanged for anotheq; "inflation" means the rate of change of the general price level using a headline index; "macroeconomic convergence" means the convergence by Member States to low and stable levels of inflation, sustainable budget deficits, public and publicly guaranteed debt and current account balances; "market distortions" means regulatory or structural obstructions of the market clearing process; "monetisation of deficits" means the financing of budget deficits through the creation of money; "public and publicly guaranteed debt" means the amount of monies disbursed and outstanding contractual monetary liabilities of residents of a country to repay a principal debt with or without interest, or to pay interest with or without the principal debt. Such debt consists of loans to government, including loans to public enterprises and private companies enjoying government guarantees. 3