– Carrington
CARIBBEAN Community (CARICOM) Secretary-General Edwin Carrington said, earlier this week, that a major issue facing the grouping, as it looks towards the future, is the Single Economy.
He was briefing the media, at the CARICOM Secretariat, Liliendaal, East Coast Demerara, on aspects of the just concluded Heads of Government Conference in Jamaica.
He said the Single Economy, a component of the CARICOM Single Market and Economy (CSME), dubbed the flagship programme, is slated for inauguration in 2015.
It involves the harmonisation and coordination of various policies, investment and incentives and convergence in monetary, fiscal and economic policy.
Mr. Carrington noted that tough economic circumstances, created by the global economic downturn, has resulted in a number of Member States being unable to implement aspects of the Single Economy,  where much progress could have been made, in terms of policy initiatives.
Touching on the area of governance, he said CARICOM is yet to settle that issue but a proposal exists for there to be put in place a permanent executive commission or a body of commissioners, called Caribbean Commission, with executive powers to effect the decisions of the Heads of Government.
However, a sub-committee comprising Heads, has been established with a mandate to examine the issue and report at a  special meeting, scheduled for  September, which will address alternative forms of the governance proposal.
Dr. Maurice Odle, Economic Adviser to the Secretary General; Assistant Secretary-General, Foreign and Community Relations, Ambassador Colin Granderson and Assistant Secretary-General, Trade and Economic Integration, Ambassador Irwin La Rocque were also present at the briefing.
The latter noted that significant progress has been made in the area of institutional development and said the Committee of Central Bank Governors,  which meets twice yearly, is important for the stabilisation of the economy, as well as the Committee of Bank Supervisors, with a role to ensure that the banks operate in an efficient way.