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Abdullah Al-Hassan, Mary E. Burfisher, Mr. Julian T Chow, Ding Ding, Fabio Di Vittorio, Dmitriy Kovtun, Arnold McIntyre, Ms. Inci Ötker, Marika Santoro, Lulu Shui, and Karim Youssef
Deeper economic integration within the Caribbean has been a regional policy priority since the establishment of the Caribbean Community (CARICOM) and the decision to create the Caribbean Single Market and Economy (CSME). Implementation of integration initiatives has, however, been slow, despite the stated commitment of political leaders. The “implementation deficit” has led to skepticism about completing the CSME and controversy regarding its benefits. This paper analyzes how Caribbean integration has evolved, discusses the obstacles to progress, and explores the potential benefits from greater integration. It argues that further economic integration through liberalization of trade and labor mobility can generate significant macroeconomic benefits, but slow progress in completing the institutional arrangements has hindered implementation of the essential components of the CSME and progress in economic integration. Advancing institutional integration through harmonization and rationalization of key institutions and processes can reduce the fixed costs of institutions, providing the needed scale and boost to regional integration. Greater cooperation in several functional policy areas where the region is facing common challenges can also provide low-hanging fruit, creating momentum toward full integration as the Community continues to address the obstacles to full economic integration.
Abdullah Al-Hassan, Mary E. Burfisher, Mr. Julian T Chow, Ding Ding, Fabio Di Vittorio, Dmitriy Kovtun, Arnold McIntyre, Ms. Inci Ötker, Marika Santoro, Lulu Shui, and Karim Youssef

Executive Summary Deeper regional integration has been a long-standing objective for the Caribbean. The persistent interest in this quest led to the Treaty of Chaguaramas in 1973, which established the Caribbean Community (CARICOM) to address the constraints of small size on development, share the cost of common services, and pool bargaining power in international fora. Changing global conditions and the rise of globalization prompted the political leadership to seek a deeper form of integration by establishing the Single Market and Economy (CSME), with

International Monetary Fund

privatized a major insurance company. In 2005, arrangements were concluded for Barbados’ formal membership in the CARICOM Single Market and Economy (CSME). More recently, a reduction in foreign exchange controls has effectively liberalized travel arrangements within CARICOM and facilitated the holding of foreign currency accounts. Executive Board Assessment Executive Directors welcomed the strong economic growth and the positive outlook for continued economic expansion. At the same time, Directors noted that significant macroeconomic imbalances have emerged, in

International Monetary Fund
Barbados' economy continued to grow, but macroeconomic imbalances worsened. Executive Directors observed that the imbalances are owed to a procyclical fiscal stance, and advised to tighten monetary policy and safeguard the fixed exchange rate regime as an anchor of macroeconomic stability. They also emphasized to strengthen the financial sector regulatory framework and develop the financial market infrastructure. They commended the strong performance of the public pension system, banking indicators, and the agenda of CARICOM Single Market Economy (CSME).
International Monetary Fund

. Barbados: External Sector Developments Sources: Central Bank of Barbados; and Fund staff estimates and projections. 11. Barbados has made progress in structural reforms in some key areas . The authorities continued their program to cut income tax rates aimed at improving competitiveness. They have also liberalized further the telecommunication sector, and privatized a major insurance company. In 2005, arrangements were concluded for Barbados’ formal membership in the CARICOM Single Market and Economy (CSME). More recently, a reduction in foreign exchange