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| Caricom Assistant Secretary General Dr. Edward Greene |
BASSETERRE, ST. KITTS, OCTOBER 16TH 2006 - St. Kitts and Nevis' Prime Minister and current Chairman of the Caribbean Community (CARICOM), Hon. Dr. Denzil L. Douglas is to chair a Special Meeting of Heads of Government in Trinidad and Tobago next month.
CARICOM's Deputy Secretary General, Dr. Edward Greene the meeting will discuss the implementation of the single economy by 2008.
Dr. Greene, speaking recently to the SUNDAY SUN in Barbados while attending the Tripartite Caribbean Employment Forum, said there was a task force commissioned to look into the issue of a single currency.
He said Dr Delisle Worrell presented a paper to the group on how it could be achieved; and it was better received than anticipated.
"One of the ways that we could move towards the achievement of this
would not necessarily be by expecting all countries in the first instance to be in the common currency regulation but perhaps six or seven countries."
Dr. Greene said the Organisation of Eastern Caribbean States already had a model which, over the last 15 years, has pursued a common currency; and this has worked to stabilise those countries and correct fluctuations in growth development.
He said the OECS dollar did not cure all the ills of the countries though. "It has not really solved the problem of debt for some of the countries but certainly it has protected the countries from severe economic shock," Dr. Greene said.
~~Adz:Right~~The deputy CARICOM Secretary General said the Regional Development Fund would also play a major role in the monetary unification movement.
The fund is now in place and the OECS countries that demanded the fund had to wait six months before they could join up.
Dr. Greene said just as a similar fund within the European Union helped to level the playing field, it will have major implications for the region as well.
"We think although we haven't had the experience yet of the fund, the mere fact that we have introduced and initiated it is a significant achievement on the part of the region's governments."
With respect to next month's meeting, Dr. Greene said Barbados" Prime Minister Owen Arthur was a driving force who had the support of a good technical team; and he believed everyone is ready to be on board for the single market.
"I believe there will be endorsement of the paper because once there is endorsement it means that countries can operationalise. One of the things we face in the Caribbean which is not so in Europe, is that we face changes in economic and legislative policies."
~~Adz:Left~~
"We face the passing of a bill in each country for the most part. In the European Union, once a bill has been passed in the Union parliament it becomes law in each country," he said.
He added that even though these legislative issues had slowed the process a bit, it seemed as though the November meeting could give the process the go-ahead.
