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© 2012 International Monetary Fund

June 2012

IMF Country Report No. 12/130

Eastern Caribbean Currency Union: Selected Issues

This selected issues paper on the Eastern Caribbean Currency Union (ECCU) was prepared by a staff team of the International Monetary Fund as background documentation for the periodic regional surveillance of the ECCU. It is based on the information available at the time it was completed on November 14, 2011. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the institutions or governments of the ECCU or the Executive Board of the IMF.

The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.

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INTERNATIONAL MONETARY FUND

EASTERN CARIBBEAN CURRENCY UNION

Selected Issues

Prepared by Y. Wong, A. Lemus, A. Brousseau, M. Mrkaic (WHD), K. Zieschang (STA), S. Benjamin, H. Corbin, and L. Sahely (ECCB)

Approved by Western Hemisphere Department

November 14, 2011

Contents

  • I. Credit Unions in the ECCU: Prospects and Challenges

    • A. Introduction

    • B. Recent Developments of Credit Unions in the ECCU

    • C. Are Credit Unions Different from Commercial Banks

    • D. Challenges: Reducing Vulnerabilities and Strengthening Regulation and Supervision

    • E. Policy Recommendations and Conclusions

  • Boxes

    • 1. A Brief History of Credit Unions in the Caribbean

    • 2. PEARLS Indicators

  • Appendix Table

    • 1. ECCU: Selected Indicators of Financial Institutions, end-2010

  • References

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  • II. Macroeconomic Statistics in the ECCU

    • A. Introduction

    • B. The Current State of Macroeconomic Statistics in the ECCU

    • C. Real Sector Statistics

    • D. External Sector Statistics

    • E. Government Finance Statistics

    • F. Monetary and Financial Statistics

    • G. Data Dissemination Practices

    • H. Technical Assistance to the Region

    • I. Challenges for the Production of Statistics in Small Island States

    • J. Modalities of Institutional Organization

    • K. Plans for Improvement

    • L. Conclusion

  • Boxes

    • 1. Harmonization of Macroeconomic Statistics in the EU

    • 2. Features of the ECCU Rebased National Accounts Series

    • 3. Improvements to the CPI in the Eastern Caribbean Currency Union (ECCU)

  • Annex

    • The Comparator Matrix of Statistical Issues in the ECCU

  • References

Eastern Caribbean Currency Union: Selected Issues
Author: International Monetary Fund