Eastern Caribbean Currency Union: 2007 Discussion on Common Policies of Member Countries: Staff Report; and Public Information Notice on the Executive Board Discussion

March 7, 2008

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Eastern Caribbean Currency Union: 2007 Discussion on Common Policies of Member Countries: Staff Report; and Public Information Notice on the Executive Board Discussion, (USA: International Monetary Fund, 2008) accessed November 21, 2024

Summary

Over the last decade, the Eastern Caribbean Currency Union (ECCU) macroeconomic performance has deteriorated relative to the rest of the Caribbean. Tourism accounts for three-fifths of exports, and the import content of consumption and investment is high. The ECCB-operated quasi-currency board arrangement (CBA) has continued to deliver price and exchange rate stability. The region has strong social indicators, but poverty, health, and crime remain concerns. Despite the implementation of ambitious revenue reforms, limited progress has been made toward fiscal consolidation. Credit has continued to expand rapidly.

Subject: Banking, Commercial banks, Credit, Economic sectors, Financial institutions, Money, Public debt, Public sector, Tourism

Keywords: Banking system, Caribbean, CARTAC consultant, Commercial banks, Core area, CR, Credit, Current account, Debt, ECCU country, GDP, ISCR, OECS-Education Development Project, Public sector, Tourism, U.S. dollar

Publication Details

Pages:

87
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2008/094
Stock No:

1ECCEA2008001
ISBN:

9781451811711
ISSN:

1934-7685

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