Some general policy issues: the sustainability and nature of convergence According to the Treaty, the fundamental economic requirement for joining the euro area is “the achievement of a high degree of sustainable economic convergence” (Article 121).
Accordingly, I would like to propose that the CGBS consider, among other things: 1. Establishing itself as a formal legal entity with bylaws, a Memorandum and Articles of Association to which members must legally and financially subscribe. This would provide substantial financing since almost every jurisdiction in the Caribbean is a member of the CGBS. 2. Establishing a permanent secretariat with a dedicated staff.