Eastern Caribbean Currency Union: 2010 Discussion on Common Policies of Members Countries—Staff Report; Informational Annex, and the Public Information Notice on the Executive Board Discussion

January 28, 2011

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Eastern Caribbean Currency Union: 2010 Discussion on Common Policies of Members Countries—Staff Report; Informational Annex, and the Public Information Notice on the Executive Board Discussion, (USA: International Monetary Fund, 2011) accessed November 28, 2024

Summary

Real regional gross domestic product (GDP) contracted by 6 percent in 2009, reflecting a collapse in tourist arrivals and foreign direct investment (FDI)-financed construction activity. The global financial and economic crisis has also exposed areas of significant weaknesses, notwithstanding reforms implemented by a number of member countries. Executive Directors concurred that the urgent challenge is fiscal consolidation. They noted IMF staff’s assessment that the real effective exchange rate (REER) appears broadly in line with current fundamentals.

Subject: Banking, Commercial banks, Economic sectors, Expenditure, Financial institutions, Government debt management, Public debt, Public financial management (PFM), Public sector

Keywords: Caribbean, Commercial banks, CR, ECCU aggregate, ECCU country, ECCU government, ECCU member, ECCU region, Economic crisis, Financial crisis, Global, Government debt management, ISCR, OECS Financial, Public sector

Publication Details

Pages:

90
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2011/030
Stock No:

1ECCEA2011001
ISBN:

9781455213900
ISSN:

1934-7685

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