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Mrs. Ruby Randall, Mr. Jorge Shepherd, Mr. Frits Van Beek, Mr. J. R. Rosales, and Ms. Mayra Rebecca Zermeno

Abstract

The Eastern Caribbean Central Bank is one of just a few regional central banks in the world and the only one where the member countries have pooled all their foreign reserves, the convertability of the common currency is fully self-supported, and the parity of the exchange rate has not changed. This occasional paper reviews recent developments, policy issues, and institutional arrangements in the member countries of the Eastern Caribbean Currency Union, and looks at the regional financial system, its supervision, and the central bank's initiatives to establish a single financial space. The paper includes a large amount of statistical information that is not readily available elsewhere from a single source.

International Monetary Fund

This Selected Issues paper analyzes the competitive threats to the tourism sector in the Eastern Caribbean Currency Union (ECCU). The paper concludes that the ECCU countries have lost competitiveness globally and vis-à-vis newly emergent Caribbean tourist destinations as a result of both price and nonprice factors. The short-term measures implemented by the countries seem to have been insufficient to prevent further declines in 2002. The paper also describes strengthening fiscal discipline through fiscal benchmarks.

International Monetary Fund

This Selected Issues paper analyzes the competitive threats to the tourism sector in the Eastern Caribbean Currency Union (ECCU). The paper concludes that the ECCU countries have lost competitiveness globally and vis-à-vis newly emergent Caribbean tourist destinations as a result of both price and nonprice factors. The short-term measures implemented by the countries seem to have been insufficient to prevent further declines in 2002. The paper also describes strengthening fiscal discipline through fiscal benchmarks.

Mr. Alfred Schipke, Aliona Cebotari, and Ms. Nita Thacker

Abstract

The Eastern Caribbean Economic and Currency Union (OECS/ECCU) is one of four currency unions in the world. As in other parts of the world in the aftermath of the global economic and financial crisis, the region is at a crossroads, facing the major challenges of creating jobs, making growth more inclusive, reforming the banking system, and managing volatility, while grappling with high public debt and persistent low economic growth. Policymakers have the critical task of implementing strong reforms to strengthen the monetary union while also laying the foundation for accelerating growth. This Handbook provides a comprehensive analysis of the key issues in the OECS/ECCU, including its organization and economic and financial sector linkages, and provides policy recommendations to foster economic growth.

International Monetary Fund

This 2009 Article IV Consultation highlights that economic activity in Grenada is slowing significantly, reflecting the drag of the global crisis on tourism receipts, foreign direct investment, and remittances. Commercial banks have remained resilient, but the intervention of the Trinidad and Tobago-based CL Financial Group has heightened financial uncertainty. All quantitative targets for end-June 2009 were met. Executive Directors have commended the Grenadian authorities for the satisfactory performance of their economic program under these highly challenging circumstances.

International Monetary Fund

The staff report for the First Review Under the Poverty Reduction and Growth Facility (PRGF) Arrangement highlights Grenada’s economic performance in many respects. The time needed to address the unregulated bank, as well as fiscal slippages and the slow pace of structural reform, delayed completion of the first PRGF review. The program entails some risks, particularly with respect to bank restructuring costs, expenditure control, implementation capacity, and natural disasters. The government is considering a concessional loan from the Export-Import Bank of China to finance the construction of a port and marina.

International Monetary Fund

This paper presents key findings of the Second Review for Grenada under the Poverty Reduction and Growth Facility (PRGF). Grenada’s economic outlook has deteriorated somewhat, mainly reflecting the global financial turmoil and slowing global growth. Financial turmoil and the global economic slowdown are expected to slow tourism demand, FDI, and remittances, and could also negatively affect grants from some donors. The authorities are moving forward with a policy framework that provides for needed fiscal consolidation, addresses financial sector vulnerabilities, and reinvigorates the structural agenda.

International Monetary Fund

This 2002 Article IV Consultation highlights that real GDP of Grenada declined by 3 percent in 2001, reflecting the global slowdown, completion of most of the large infrastructure and tourism projects, and the effects on tourism of the September 11 attacks in the United States. The fiscal situation deteriorated markedly in 2001 with the central government deficit rising to 8.5 percent of GDP. For 2002, despite damage to crops and infrastructure caused by a tropical storm in September, economic growth is expected to be slightly positive.

Mrs. Ruby Randall, Mr. Jorge Shepherd, Mr. Frits Van Beek, Mr. J. R. Rosales, and Ms. Mayra Rebecca Zermeno

Abstract

Eastern Caribbean countries institutionalized political and economic cooperation through the establishment of the Organization of Eastern Caribbean States (OECS) with the Treaty of Basseterre in 1981. Two years later they set up the Eastern Caribbean Central Bank (ECCB), which replaced the Eastern Caribbean Currency Authority. The eight member countries and territories of the ECCB are Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines, which are independent states and members of the IMF, and Anguilla and Montserrat, which are territories of the United Kingdom,1 The six independent OECS states and Montserrat are also members of the Caribbean Common Market, CARICOM, established in 1973.

Mrs. Ruby Randall, Mr. Jorge Shepherd, Mr. Frits Van Beek, Mr. J. R. Rosales, and Ms. Mayra Rebecca Zermeno

Abstract

The establishment of the Eastern Caribbean Central Bank (ECCB) in 1983 was the culmination of a long period of monetary cooperation dating back to 1950 when the British Caribbean Currency Board (BCCB) was created (Box 2). The BCCB, which functioned as a currency board proper and maintained a foreign exchange cover of 100 percent of the currency issue, was replaced by the Eastern Caribbean Currency Authority (ECCA) in 1965, when the Eastern Caribbean dollar (EC$) was introduced and pegged to the pound sterling at a rate of EC$4.80 = £1. Under the ECCA, the foreign exchange backing was set at 70 percent and then reduced to 60 percent in 1975. Following a series of depreciations of the pound, the Eastern Caribbean dollar was pegged to the U.S. dollar in July 1976 at the then prevailing market cross-rate of EC$2.70 per U.S. dollar. The parity has remained fixed at that level.