Formerly known as the West African Monetary Union (WAMU/UMOA), the West African Economic and Monetary Union (UEMOA) was founded on 10 January 1994 in response to the devaluation of the common currency, the CFA Franc, on 11 January 1994. The Treaty establishing UEMOA (the Dakar Treaty of 10 January 1994) theoretically came into effect on 1 August 1994 after ratification by the seven member countries, thereby also replacing the since then dissolved West African Economic Union (WAEU/CEAO). In January 1995 the Commission and the Tribunal of Justice was officially implemented in Ouagadougou. The first Summit of Head of States and Government took place in May 1996. In July of the same year Guinea-Bissau became the eighth member of the community. In January 1998 the Inter-Parliamentarian Commission was created. In December 1999 member states adopted the Common Industrial Policy. In 2000, the community established a Common External Tariff, a Common Mineral Policy, followed by the adoption of the Agricultural Policy of the Union and Common Energy Policy in the following year. In 2003, the Parliament of UEMOA was created.