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Essay / Research Paper Abstract
This 4 page paper looks at the Eastern Caribbean Central Bank (ECCB), the central bank of the Organisation of Eastern Caribbean States (OECS) and summarizes the membership criteria and requirements and looks at the way in which assets may be used as collateral for borrowing by member banks. The bibliography cites 4 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEeastcarb.rtf
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Unformatted sample text from the term paper:
the nations become part of the ECCB area and subject to its jurisdiction. To consider its membership requirements and issues such as the collateral required the bank and its role
needs to be briefly considered. The ECCB was established on Oct 1st 1983, initially there were seven members; Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and
Nevis, St Lucia and St Vincent and The Grenadines an then in 1987 Anguilla joined. The bank was not an original development, but was an evolution of the idea behind
the British Caribbean Currency Board that had been created in 1950, but this also included other areas which are not subject to the ECCB as they opted out of the
scheme (Venner, 2000). The need for a central bank that can regulate the single currency is needed as the member states are small and have economies that are vulnerable, an
alliance of a free trade area and single currency helps with the economic development of the area. This was the basis of the OECS was The Treaty of Basseterre signed
in 1981, the membership requirements and criteria were outlined in article 3 of this treaty, these look at areas directly related to the bank and other areas. In this respect
it may be argued that there is an agreement similar to that seen in the European Union. However, there was also the declaration that the agreement would not have
the same approach as that of the European Union which was (and is) highly prescriptive with clear set criteria that need to be met.
Instead, this agreement states that it is recommended that member states have competence is some set areas including monetary policy and central banking with the ECCB agreement to
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