Central banking in a regional economic setting: Possible contributions to integration

Gregor Heinrich

MPRA Paper from University Library of Munich, Germany

Abstract: 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.

Keywords: Caribbean; integration; Asian Bond Fund; currency area; CARICOM; European Monetary Union; institutions (search for similar items in EconPapers)
JEL-codes: E42 E58 F02 F15 F33 N16 N25 N26 (search for similar items in EconPapers)
Date: 2007-05
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:47416

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