Central banking in a regional economic setting: Possible contributions to integration
Central banks can play an important role in facilitating and promoting regional economic and monetary integration. Examples are the European monetary union and a more recent initiative by a group of Asian central banks to boost liquidity in local bond markets in Asia through the “Asian Bond Fund 2”. This paper highlights the role of central banks in these efforts and points to issues that could be of relevance for the ongoing integration process in the Caribbean. It argues that the creation of a single currency area was based on a lengthy process, that economic integration came before monetary union, and that it required a strong degree of political determination; furthermore, integration is also assisted by the building of institutions and ongoing cooperation and dialogue among relevant authorities.
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- John Hawkins & Marc Klau, 2005. "Financial Markets Aspects of Regional Currency Areas," Chapters, in: Regional Currency Areas in Financial Globalization, chapter 1 Edward Elgar Publishing.
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- Shelton Nicholls & Anthony Birchwood & Philip Colthrust & Earl Boodoo, 2000. "The State of and Prospects for the Deepening and Widening of Caribbean Integration," The World Economy, Wiley Blackwell, vol. 23(9), pages 1161-1194, 09.
- Heinrich, Gregor, 2006. "International Initiatives towards legal harmonisation in the field of Funds transfers, payments and payment systems - Annotated Bibliography," MPRA Paper 47419, University Library of Munich, Germany.
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