Nonetheless, recent turbulences highlight the inherent tensions of European integration, especially those between a monetary policy in which sovereignty is pooled while economic policy remains under national sovereignty. Tensions translate into dynamics either for progress or for regression.
Perhaps the biggest challenge in this regard will be a decision to yield sovereignty over monetary policy to a regional central bank. The indifferent record of implementation of CARICOM decisions, combined with a less than robust approach to an issue as critical as economic convergence, often raises the question of the strength of the region’s political commitment to the single economy.