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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

Revised Treaty, the OECS authorities have also agreed in principle to the free circulation of goods and services within the Economic Union. As shown by the experience of the European Union, free movement of labor could provide a boost labor productivity , through improved skill matching and job placement, positive externalities of innovation, reduced costs for cross-border services and various other channels. To examine whether this is also the case for the OECS countries following the establishment of the OECS Economic Union, we perform a difference

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
International Monetary Fund

community; seeking the harmonization of members’ foreign policy, including common positions on international issues and arrangements for joint overseas representation and/or common services; and promoting economic integration among the members. To this end the OECS Treaty identifies 18 areas of special relevance for the coordination and harmonization of policies (see Box 1 ). The OECS Authority is the highest decision-making body, comprising of the Heads of Government (Prime Ministers and Chief Ministers) of the member states and territories. The OECS Authority meets

International Monetary Fund

promote the freer flow of factors and the transferal of resources from high-income to low-income regions. 20. The creation of a single economic space within the Organization of Eastern Caribbean States could contribute to a lowering of income disparities . 10 The Treaty of Basseterre , which established the OECS in 1981, provides for the essential elements of an economic union by calling for the removal of obstacles to the free movement of persons, goods, services and capital. In October 2002 the OECS Authority reiterated its commitment to the creation of an OECS

International Monetary Fund

“Treaty of Basseterre” , which was signed in June 1981 by seven of the region’s governments: Antigua and Barbuda, Dominica, Grenada, Montserrat, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. Since then the British Virgin Islands and Anguilla have both been admitted to the OECS as associate members. 4 6. The overarching objective of the OECS is the creation of an economic union of OECS member states . Pursuing the creation of an economic union was first agreed by the OECS Authority in July 2001. 7. At the January-February 2002 meeting of the

Mr. Montfort Mlachila

. Pursuing an economic union was first agreed to by the OECS Authority in July 2001. At the January-February 2002 meeting of the OECS Authority, the heads of government agreed on, among others, the following measures for member states: Legislative arrangements to facilitate the free movement of OECS nationals should come into effect not later than March 12, 2002. Amending of the National Immigration Acts to allow OECS nationals to travel freely within the subregion and remain in another territory for a period of six months. Not applying the Alien Land holding

Koffie Nassar

legislative authority in a number of areas directly to the heads of state (prime ministers, premiers, and chief ministers—the OECS Authority). 2 The treaty also envisages the establishment of a regional assembly comprising elected parliamentarians from each member state (including both the ruling and opposition parties), which serves as the regional parliament. Among other benefits, the revised union treaty will foster the creation of a single economic and financial space; further the coordination and implementation of common policies in a number of areas; and facilitate

International Monetary Fund
This Selected Issues paper analyzes the competitive threats to the tourism sector in the Eastern Caribbean Currency Union (ECCU). The paper concludes that the ECCU countries have lost competitiveness globally and vis-à-vis newly emergent Caribbean tourist destinations as a result of both price and nonprice factors. The short-term measures implemented by the countries seem to have been insufficient to prevent further declines in 2002. The paper also describes strengthening fiscal discipline through fiscal benchmarks.
International Monetary Fund

raising the efficiency of public investment and improving service delivery; (iii) reducing transaction costs, by strengthening regulation and efficiency of public utilities; (iv) promoting appropriate education and skills development to take advantage of new opportunities in the global environment; and (v) reducing vulnerability, by strengthening the social protection mechanisms and strengthening disaster risk management. The OECS authorities also are targeting to expand their positive experiences with sub-regional functional cooperation (e.g., common central bank