Even though the center of gravity of the problem seems to be in Curaçao, both countries bear responsibility for addressing the situation of the balance of payments in the monetary union. In this regard, regular consultations and coordination of policy actions between the two countries are imperative.
For example, in the case of the  7  See "Observations on the Effects of the Financial Crisis," note 1. 8  The net charge-off rate in fiscal year 2007 was 0.55 percent (see "Providing Capital, Building Communities," note 6). From a survey of CDFIs in fiscal year 2008, a charge-off rate of 1.7 percent was reported.