(b) maintaining a prudent fiscal stance based on the avoidance of large budget deficits, monetisation of deficits and high or rising ratios of public and publicly guaranteed debt to GOP; (c) avoiding large financial imbalances in the economy of the State Party; and (d) minimising market distortions. ARTICLE 3 INDICATORS OF MACROECONOMIC CONVERGENCE 1. 2. The macroeconomic convergence in the Region shall be measured and monitored by the following indicators: (a) the rate of inflation in a State Party; (b) the ratio of the budget deficit to GOP in a State Party; (c) the ratio of public and publicly guaranteed debt to GOP, taking account of the sustainability of such debt, in a State Party; and (d) the balance and structure of the current account in a State Party. State Parties shall identify common guidelines for each of the indicators referred to in paragraph 1 and such other complementary indicators as may be agreed, including structural performance and financial conditions. ARTICLE 4 FISCAL AND MONETARY POLICY COOPERATION 1. Each State Party shall formulate, implement and maintain its fiscal and monetary policies that are transparent, consistent and contribute towards the achievement of the principles referred to in Article 2. 2. Each State Party shall formulate and implement fiscal and monetary policies that are sustainable and minimise negative spill-over effects into any other State Party. ARTICLE 5 INFORMATION AND DATA 1. State Parties shall, for purposes of Article 8, provide such data and reports as are required by the Committee of Ministers for Finance and Investment for the implementation and monitoring of macroeconomic convergence. 39