International Monetary Fund. External Relations Dept.
This paper discusses the study on development planning conducted by a small group within the World Bank. The study reveals that most countries not only encounter the same planning problems, they make the same mistakes. The paper highlights that although most countries with development plans have not succeeded in carrying them out, some countries without national development plans or national planning agencies have been developing rapidly. The paper also highlights that the lack of government support is the prime reason why so few development plans are carried out.
This chapter discusses the story of European integration in what is known as the European Union. The decision in 1951 by six European nations to pool coal and steel production under a common authority—the European Coal and Steel Community—marked the beginning of European integration. French statesman and political visionary Robert Schuman proposed the coal and steel community in 1950. The chapter also highlights that the 28-member European Union, built around common policies and shared institutions, has proved robust to many challenges and has accommodated great change used by 18 countries. The European Union was also awarded the 2012 Nobel Peace Prize. The study shows that the 2008 global financial crisis laid bare fault lines, exposing tensions between EU members and stresses and gaps in institutions and policies that Europe’s political leaders are working hard to address. The IMF’s chief for Europe argues that what Europe needs is more integration, not less.
This Selected Issues paper on the Eastern Caribbean Currency Union (ECCU) underlies key features of business cycles. To obtain new measures of classical and growth cycles, simple rules were applied to date turning points in the classical business cycle, and a recently developed frequency domain filter was used to estimate the growth cycle. At the regional level, the ECCU countries are facing two shocks, i.e., the depreciation of the U.S. dollar and the depreciation of the Dominican Republic’s peso. The countries of the ECCU have experienced modest erosion in their price and nonprice competitiveness.
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
This Selected Issues paper and Statistical Appendix reviews developments in the energy sector of the Republic of Trinidad and Tobago during 1997–99, and assesses the outlook for energy-related industries. The paper highlights that in 1998, the decline of mature fields was exacerbated by the low price of oil experienced during the year, which made exploitation of some fields uneconomic. The paper examines the fiscal sustainability of energy resources. It also analyzes trade liberalization that has been an integral part of Trinidad and Tobago’s efforts to restructure its economy for sustained growth.
This paper examines the Uruguay Round and its implications for the Dominican Republic. The ratification of the Uruguay Round Agreement has several implications for the Dominican Republic. Certain regulatory and legislative reforms will have to be addressed, some new specific institutional mechanisms developed, and several commitments will have to be implemented. In addition, the competitiveness of the Dominican Republic regarding several export products may be affected. The paper highlights that the Dominican Republic has committed to unifying all import charges to no more than a harmonized level of 40 percent.
The Banks and trust Companies Act, Financial Services Commission Act, and the Regulatory Act are considered for banking supervision. The assessment is also based on a self-assessment prepared by the Financial Services Commission (FSC). British Virgin Islands (BVI) law provides three classes of banking licenses. The preconditions for effective banking supervision are present in the BVI. The FSC has sufficient autonomy, powers, and resources with clear responsibilities and objectives. The FSC does not impose specific limits on investments but reviews bank-imposed limits. The FSC has a well-developed system of ongoing supervision in place.