Dyrektywy fiskalne Wschodniokaraibskiego Banku Centralnego dla krajów członkowskich Wschodniokaraibskiej Unii Walutowej
Eastern Caribbean Central Bank fiscal directives for Eastern Caribbean Currency Union member countries

Summary/Abstract: The paper presents arguments for implementing constraints for fiscal policies in monetary union member countries and offers a detailed description of proposal in this regard formulated by the Eastern Caribbean Central Bank for monetary union member countries in ECCU. The theory and non-European monetary unions’ experience lead to the conclusion that there is a great need for coordination of fiscal policy in monetary unions. There is however a non trivial question about the way it should be designed and implemented. The first step in an attempt to answer this question is a recognition of history and experience of non-European monetary unions. Some of fiscal convergence criteria are unique and specific for those groups of countries but some are common, regardless of the features of underlying economies.

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