According to the World Travel and Tourism Council, in 2011, tourism accounted for 13 per cent of total regional employment, 14 per cent of the Caribbean’s GDP and 17 per cent to total export earnings;  •  The Caribbean Sea is one of the principal waterways in the world, harboring in excess of 80,000 ship calls per year, and is classified as having one of the most intensive maritime traffic in the world; and  •  The sea floor of the Caribbean Sea may yield many important minerals available for extraction, including silver, gold, copper, manganese, cobalt, and zinc.
That is, we do not want to impair the operational framework for monetary policy which has served us well for many years. If the banks were to hold large ES balances with the RBA, this would also be likely to significantly impair the short-term interbank market in Australia, which is an important pricing reference for many other markets.