The Committee has confirmed its longstanding membership policy. In addition to the ILA's general policy for renewing Committee mandates and membership every four years, there are essentially three elements to the practice of MOCOMILA.
- First, the Committee should consist of a group of experts in monetary law with a balance of representation from institutions (central banks and international financial institutions), academia and private practice of law.
- Second, members must be in a position to actively participate in the work of the Committee (rather than merely appear on membership lists), including through participation in the Committee's semi-annual meetings (not necessarily every time, but regularly) and in contributions to its seminars and publications.
- Third, consistent with its established practice, the Committee will invite prospective new members first to attend Committee meetings as Observers in order to determine whether each such person is in a position to contribute to the work of the Committee; only afterwards would nomination to membership by the ILA Executive Committee be sought.
The current Committee members wish to continue their cooperative efforts to contribute to the study and development of monetary and financial law.