Phase 1 of the monetary union process was scheduled to conclude in 1996. It was to include the Bahamas, Barbados, Belize, the OECS states and Trinidad and Tobago and there was to have been a common currency as a unit of account (cf. the Euro from 1999 to 2002) amongst these states with the exception of the Bahamas and Belize. This phase would also involve the coordination of monetary policies and the movement towards intra-regional currency convertibility among all member states. Phase 1 would also have seen the formation of a Council of CARICOM Central Bank Governors to oversee the entire process.