this Agreement shall pursue a conjunctural policy, in particular a financial and monetary policy, which furthers these objectives.Article 18Each State party to this Agreement shall pursue a policy with regard to rates of exchange which ensures that the objectives of the Association can be attained.Article 19The Member States of the Community and Turkey undertake to authorize in the currency of the country in which the creditor or the beneficiary resides, any payments or transfers connected with the movement of goods, services or capital, and any transfers of capital or earnings, to the extent that the movement of goods, services, capital and persons between them has been liberalized pursuant to this Agreement.Article 20The Contracting Parties shall consult each other with a view to facilitating movements of capital between Member States of the Community and Turkey which will further the objectives of this Agreement.They shall actively seek all means of promoting the investment in Turkey of capital from countries of the Community which can contribute to Turkish economic development.With respect to arrangements for foreign capital residents of all Member States shall be entitled to all the advantages, in particular as regards currency and taxation, which Turkey accords to any other Member State or to a third country.Article 21The Contracting Parties hereby agree to work out a consultation procedure in order to ensure coordination of their commercial policies towards third countries and mutual respect for their interests in this field, inter alia in the event of subsequent accession to or association with the Community by third countries.TITLE IIIGENERAL AND FINAL PROVISIONSArticle 221. In order to attain the objectives of this Agreement the Council of Association shall have the power to take decisions in the cases provided for therein. Each of the Parties shall take the measures necessary to implement the decisions taken. The Council of Association may also make appropriate recommendations.2. The Council of Association shall periodically review the functioning of the Association in the light of the objectives of this Agreement. During the preparatory stage, however, such reviews shall be limited to an exchange of views.3. Once the transitional stage has been embarked on, the Council of Association shall adopt appropriate decisions where, in the course of implementation of the Association arrangements, attainment of an objective of this Agreement calls for joint action by the Contracting Parties but the requisite powers are not granted in this Agreement.Article 23The Council of Association shall consist of members of the Governments of the Member States and members of the Council and of the Commission of the Community on the one hand and of members of the Turkish Government on the other.The members of the Council of Association may arrange to be represented in accordance with its rules of procedure.The Council of Association shall act unanimously.Article 24The office of President of the Council of Association shall be held for a term of six months by a representative of the Community and a representative of Turkey alternately. The term of office of the first President may be shortened by a decision of the Council of Association.The Council of Association shall adopt its rules of procedure.The Council of Association may decide to set up committees to assist in the performance of its tasks, and in particular a committee to ensure the continuing cooperation necessary for the proper functioning of this Agreement.The Council of Association shall lay down the terms of reference of these committees.Article 251. The Contracting Parties may submit to the Council of Association any dispute relating to the application or interpretation of this Agreement which concerns the Community, a Member State of the Community, or Turkey.2. The Council of Association may settle the dispute by decision; it may also decide to submit the dispute to the Court of Justice of the European Communities or to any other existing court or tribunal.3. Each Party shall be required to take the measures necessary to comply with such decisions.4. Where the dispute cannot be settled in accordance with paragraphs 2 of this Article, the Council of Association shall determine, in accordance with Article 8 of this Agreement, the detailed rules for arbitration or for any other judicial procedure to which the Contracting Parties may resort during the transitional and final stages of this Agreement.Article 26This Agreement shall not apply to products within the province of the European Coal and Steel Community.Article 27The Council of Association shall take all appropriate steps to promote the necessary cooperation and contacts between the European Parliament, the Economic and Social Committee and other organs of the Community on the one hand and the Turkish Parliament and the corresponding organs in Turkey on the other.During the preparatory state, however, such contacts shall be limited to relations between the European Parliament and the Turkish Parliament.Article 28As soon as the operation of this Agreement has advanced far enough to justify envisaging full acceptance by Turkey of the obligations arising out of the Treaty establishing the Community, the Contracting Parties shall examine the possibility of the accession of Turkey to the Community.Article 291. This Agreement shall apply to the European territories of the Kingdom of Belgium, of the Federal Republic of Germany, of the French Republic, of the Italian Republic, of the Grand Duchy of Luxembourg and of the Kingdom of the Netherlands on the one hand and to the territory of the Turkish Republic on the other.2. The Agreement