Eastern Caribbean Currency Union: Staff Report for the 2005 Regional Discussions

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 304

Publication date: August 2005

ISBN: 9781451811674

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Taxation - General , Natural Disasters , ISCR , CR , debt , ECCU government , public sector debt stock , ECCU country , private sector , fiscal policy , exchange rate , U , S , dollar , labor market , Public sector , Fiscal stance , Natural disasters , Caribbean , Global

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Summary

This 2005 Article IV Consultation highlights that economic activity in the Eastern Caribbean Currency Union (ECCU) has accelerated since mid-2003 owing to an acceleration of activity in the tourism and construction sectors. Inflation has been stable and monetary aggregates have been expanding rapidly, reflecting continued growth in the demand for money and confidence in the banking system and the quasi-currency board arrangement. Against this background, Executive Directors have called for strengthening fiscal consolidation, lowering the debt ratios, and ensuring the consistency of fiscal policies with the currency board arrangement.