ANNEXS HARMONISATION OF LEGAL AND OPERATIONAL FRAMEWORKS PREAMBLE The High Contracting Parties: RECOGNISING that the main objective of SADC is to achieve sustainable development in the Community; the determination of the general monetary policy framework vests in Government, the responsibility for monetary policy formulation and implementation rests with the respective Central Banks; an appropriate legal framework to facilitate sound operations of Central Banks is imperative; the present diverse legal and operational frameworks of Central Banks in the Region need to move towards a more coherent and convergent status to facilitate the harmonisation of monetary policy in the region; monetary policy credibility and independence of Central Banks; effectiveness is enhanced by the development of a sound legal and operational framework shall promote and foster the operational independence of Central Banks; the harmonisation of the legal and operational frameworks of Central Banks shall enhance operational efficiency, foster greater co-operation among State Parties and encourage Central Banks to work towards the articulation of one primary objective, which is to maintain price stability; consultation amongst Central Banks, with the Ministers responsible for Finance and Investment, individually and collectively, will improve the operation and implementation of this Annex and help to resolve any matters that may arise; 56