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International Monetary Fund. Western Hemisphere Dept.

projections. 1/ Includes all eight ECCU members unless otherwise noted. ECCU price aggregates are calculated as weighted averages of individual country data. Other ECCU aggregates are calculated by adding individual country data. 2/ Data for 2020 and 2021 are not reported: due to the methodological changes, annual growth numbers are not available. 1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of these bilateral Article IV consultation discussion

International Monetary Fund. Western Hemisphere Dept.

I-REER approach CA norm Actual CA CA gap Policy Gap REER Gap Residual REER Gap ECCU aggregated (incl. CBI) -3.1 -5.6 -2.4 -0.3 5.9 -2.1 0.2 ECCU aggregated (excl. CBI) -5.2 -11.2 -6.0 1.7 14.6 -7.7 0.0 ECCU weighted average (GDP) 1/ -2.5 -7.5 -3.9 0.4 9.9 -5.4 1.6 ECCU weighted average (GDP) 1/ -1.5 -7.7 -5.1 -0.1 13.1 -6.1 1.4 1/ Including CBI. Source: IMF staff calculations. 3. Real Exchange Rate . The CPI-based real effective

International Monetary Fund
This paper discusses key findings of the 2006 Regional Discussions on the Eastern Caribbean Currency Union. Fiscal revenues have improved, but there has been only a modest improvement in the fiscal and debt positions. Tax revenues have strengthened with the uptick in economic activity, administrative efforts, and tax reforms. The financial system has been resilient, but additional efforts are needed to strengthen the supervisory framework in the face of emerging risks. Progress continues to be made in implementing the Financial Sector Assessment Program (FSAP) recommendations, but there is a need to ensure enforcement of the new regulatory framework.
International Monetary Fund
The Eastern Caribbean Currency Union (ECCU) countries financial system has increasingly come under stress particularly through weakly supervised nonbank and offshore financial sectors with knock-on effects to domestic banks. The staff report focuses on ECCU’s 2009 discussion on common policies of member countries on economic development and policies. In response, ECCU authorities have accelerated the establishment of national Single Regulatory Units and the passage of harmonized legislation to strengthen then regulation and supervision of nonbanks and offshore institutions.
International Monetary Fund
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.
International Monetary Fund

.3 Of which Interest 4.2 4.7 4.6 4.1 4.3 3.9 End-year gross foreign reserves of the ECCB In U.S. dollar million 504.8 539.9 632.4 600.8 651.7 711.3 In months of imports 4.6 4.4 4.7 4.0 4.1 4.3 In percent of broad money 20.2 19.8 20.5 17.9 17.7 17.6 Currency backing ratio, in percent 4/ 97.1 95.3 96.2 96.5 … … Sources: Eastern Caribbean Central Bank; and Fund staff estimates and projections. 1/ Excludes Anguilla and Montserrat. ECCU aggregates

International Monetary Fund. Western Hemisphere Dept.

.2 … … … … … … … Competitor-weighted 1.8 0.4 0.3 -0.2 … … … … … … … Customer-weighted -0.8 3.1 2.0 -0.3 … … … … … … … Memo items: Imputed cost of natural disasters (percent of GDP) … … … … … 0.9 0.9 0.9 0.9 0.9 0.9 Sources: Country authorities; and Fund staff estimates and projections. 1/ Includes all eight ECCU members unless otherwise noted. ECCU price aggregates are calculated as weighted averages of individual country data. Other ECCU aggregates are calculated

International Monetary Fund

the strongly procyclical correlation between industrial country and ECCU output cycles, it is not surprising that remittance flows increase when industrial country output rises. 20. The contemporaneous association between the current account balance and domestic output is countercyclical for four countries (including the ECCU aggregate), and acyclical for the remainder . A countercyclical correlation indicates that above-average domestic output is associated with a deteriorating current account balance. A countercyclical current account correlation is also

International Monetary Fund. Western Hemisphere Dept.
This 2018 discussion on common policies of the Eastern Caribbean Currency Union (ECCU) highlights that the member countries are gradually recovering following the catastrophic impact of Hurricanes Irma and Maria in 2017. Conditions remain favorable to growth, however, risks are increasing. The fiscal balance for the region as a whole worsened in 2017, reflecting lower inflows from citizenship-by-investment programs and higher reconstruction and current spending. The IMF team made several policy recommendations including shifting focus from the current emphasis on recovery from natural disasters to building ex-ante resilience. The report also recommends intensifying decisive and timely actions to resolve weaknesses in the financial sector, including longstanding problems in the banking sector and emerging risks in the non-banking sector. The authorities expressed commitment to the acceleration of key reforms to upgrade and strengthen the financial sector regional oversight framework. In addition to fiscal consolidation, injecting new vigor into the structural policy agenda will help enhance competitiveness and make growth more inclusive.