The Heads of the member States of the Union sitting in Conference constitute the highest authority of the Monetary Union.

The Conference of Heads of State and Government:

• Defines the major policy orientations of the Monetary Union,
• Decides on the accession of new members as well as on the expulsion of members from the Union and takes cognizance of the withdrawal of members from the Union,
• Determines the location of the head office of the Central Bank,
• Definitively settles any matter that the Council of Ministers of the Union has been unable to resolve by unanimous agreement and has referred to it.

The decisions of the Conference, known as the "Acts of the Conference", are taken by unanimous vote.

The Conference sits for one calendar year in each of the States of the Union in turn in the alphabetical order of their names. It meets at least once a year and as often as necessary, on the initiative of the Chair in office or at the request of one or more of the Heads of States belonging to the Union.

The Conference is chaired by one of the Heads of the member States of the Union chosen by his or her peers. The Chair is elected in such a way that each of the Heads of State of the Monetary Union is called upon in turn to chair the Conference.

The Chair in office sets the dates and locations of the meetings and draws up the agenda.

In the event of an emergency, the Chair in office may consult the other Heads of State of the Union in writing at their place of residence.