Despite the failure of the CMCF, in 1992 the CARICOM Heads of Government determined that CARICOM should move towards monetary integration and commissioned their central bankers to study the possible creation of a monetary union among CARICOM countries. It was argued that monetary integration would provide benefits such as exchange rate and price stability and reduced transaction costs in regional trade. It was also thought that these benefits in turn would stimulate capital flows, intra-regional trade and investment, improve balance of payments performance and increase growth and employment.