The Eastern Caribbean Economic and Currency Union: Macroeconomics and Financial Systems
Books, April 10, 2013
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- Canonical URL
- The Eastern Caribbean Economic and Currency Union: Macroeconomics and Financial Systems
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Bibliographic details
- Authors: Alfred Schipke, Aliona Cebotari, Nita Thacker
- Published: April 10, 2013
- Series: Books
- DOI: https://doi.org/10.5089/9781616352653.071
Overview
- The Eastern Caribbean Economic and Currency Union (OECS/ECCU) is one of four currency unions in the world.
- The region faces major challenges in the aftermath of the global economic and financial crisis:
- creating jobs
- making growth more inclusive
- reforming the banking system
- managing volatility
- grappling with high public debt
- persistent low economic growth
- Policymakers must implement strong reforms to strengthen the monetary union while 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.
Key findings and substantive themes
- The Handbook addresses the OECS/ECCU’s organization and the economic and financial sector linkages within the union.
- Major policy-relevant challenges identified:
- High public debt.
- Persistent low economic growth.
- Banking system weaknesses requiring reform.
- Labor market and job creation shortfalls.
- Vulnerability to volatility (economic and financial).
- Subject areas covered include:
- Asset and liability management
- Credit bureaus
- Debt restructuring
- Expenditure
- Financial markets
- Public debt
- Revenue administration
Policy recommendations (as summarized in the overview)
- Implement strong reforms to:
- strengthen the monetary union
- lay the foundation for accelerating growth
- reform the banking system
- address public debt dynamics
- promote more inclusive growth and job creation