CY Thomas describes integration as open regionalism. The freedom of trade of goods, services, labour and capital, the regional strategic sectoral plan, the adoption of a harmonized investment code and the development of a regional capital market is integrated within the CSME. The impact of free trade as a result of the common external tariff scheme has led to the lag of the CSME. Financing for infrastructural development and social programmes in the region has come from the CDB. Hence, most of the region’s increasing integration has come via the ownership of financial institutions. Further integration and development of the region’s stock exchange allows firms access to a wider market so that capital can be easily raised. In conclusion, if the Caribbean region increases its savings level and improves financial intermediation for long-term developmental objectives, the Single Economy would be on the verge of a development thrust.
By Khadine and Sue-Ann
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