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International Monetary Fund. Western Hemisphere Dept.

bureau/registry The ECCB also emphasized the need for countries to expedite modernizing insolvency, collateral and asset recovery frameworks; and addressing collateral constraints. Based in large part on World Bank funding, most of the ECCU authorities have invested in the recently launched Eastern Caribbean Partial Credit Guarantee Corporation, which they viewed as instrumental in activating improved MSME access to finance and MSME capacity building in their countries. 37. There were concerns about the potential loss of CBI revenues following the EU and US proposals

International Monetary Fund

and increased financing strains. Against this background, Directors supported the authorities' focus on policies to manage near-term challenges and downside risks, while continuing to address fundamental fiscal and debt sustainability issues. They also endorsed the authorities' ongoing efforts in crisis prevention, and encouraged the authorities to further enhance contingency plans for possible crisis scenarios. Directors commended the ECCU authorities' prompt and coordinated responses to address threats to the region's financial stability emanating from the

International Monetary Fund. Western Hemisphere Dept.

methodological changes introduced in the updated methodology. A specific ESS survey form of OUs has been implemented and administrative data used as complementary sources. In the case of Antigua and Barbuda, over 450 students were also surveyed in collaboration with the former office of the IMF’s Resident Representative for the ECCU region. Statement by Louise Levonian, Executive Director, Anne Marie McKiernan, Alternate Executive Director, and Mike Sylvester, Advisor January 28, 2019 Our Eastern Caribbean Currency Union (ECCU) authorities continue to value the

Mr. Hunter K Monroe

liabilities. The inadequate legal and supervisory framework provided supervisors with insufficient authority to address these issues. The OECS/ECCU authorities relied excessively on home country supervision. The OECS/ECCU and other Caribbean authorities have substantial work ahead to address the remaining challenges, including completing current crisis-resolution efforts and strengthening the regulatory and supervisory framework. Also, to allow for effective regulation and supervision, more regional cooperation is needed and some consolidation of the sector is warranted

International Monetary Fund. Western Hemisphere Dept.

Our Eastern Caribbean Currency Union (ECCU) authorities welcome the Staff Report for the 2021 Common Policies Discussion. The comprehensive report broadly reflects developments in the Currency Union within the context of the ongoing COVID-19 pandemic and embraces the actions and proposals that are being pursued to steer post-pandemic recovery, safeguard macroeconomic stability, support inclusive and sustainable growth, and build resilient economies. Our authorities appreciate their ongoing engagement with Fund staff and the candid dialogue that characterizes

International Monetary Fund. Western Hemisphere Dept.

Our Eastern Caribbean Currency Union (ECCU) authorities welcome the Staff Report and other related documents for the 2022 Common Policies Discussion. The report broadly reflects developments in the Currency Union within the context of the ongoing COVID-19 pandemic and the impact of Russia’s invasion of Ukraine and acknowledges the efforts being pursued to address the current challenges. Our authorities appreciate their ongoing engagement with Fund staff and the open and frank dialogue and broadly concur with staff’s analyses and recommendations. Recent

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

steps towards regional cooperation . To establish a stronger regulatory framework and promote collaboration on due diligence, the CBI Programs Association was formed under the auspices of the OECS, to which the ECCU authorities have recently granted the mandate to coordinate regional cooperation on CBI Programs. A special meeting of the OECS in mid-March 2019 endorsed an ECCB initiative that called for a consolidation of arrangements with respect to the CBI programs, noting the need for harmonization of the due diligence arrangements, agreement to common standards and

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.