Loss Of Correspondent Banking Relationships In The Caribbean

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Loss of Correspondent Banking Relationships in the Caribbean

Mr.Trevor Serge Coleridge Alleyne,Mr.Jacques Bouhga-Hagbe,Mr.Thomas Dowling,Dmitriy Kovtun,Ms.Alla Myrvoda,Mr.Joel Chiedu Okwuokei,Mr.Jarkko Turunen
Loss of Correspondent Banking Relationships in the Caribbean Book PDF

Author : Mr.Trevor Serge Coleridge Alleyne,Mr.Jacques Bouhga-Hagbe,Mr.Thomas Dowling,Dmitriy Kovtun,Ms.Alla Myrvoda,Mr.Joel Chiedu Okwuokei,Mr.Jarkko Turunen
Publisher : International Monetary Fund
Page : 46 pages
File Size : 49,6 Mb
Release : 2017-09-29
Category : Business & Economics
ISBN : 9781484320686

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Loss of Correspondent Banking Relationships in the Caribbean by Mr.Trevor Serge Coleridge Alleyne,Mr.Jacques Bouhga-Hagbe,Mr.Thomas Dowling,Dmitriy Kovtun,Ms.Alla Myrvoda,Mr.Joel Chiedu Okwuokei,Mr.Jarkko Turunen Pdf

Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been successful in replacing lost CBRs. However, the cost of services has increased substantially, some services have been cut back, and some sectors have experienced reduced access. Policy options to address multiple drivers, including lower profitability and risk aversion by global banks, require tailored actions by several stakeholders.

Loss of Correspondent Banking Relationships in the Caribbean

Trevor Serge Coleridg Alleyne
Loss of Correspondent Banking Relationships in the Caribbean Book PDF

Author : Trevor Serge Coleridg Alleyne
Publisher : Unknown
Page : 46 pages
File Size : 52,9 Mb
Release : 2017
Category : Electronic
ISBN : OCLC:1007839749

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Loss of Correspondent Banking Relationships in the Caribbean by Trevor Serge Coleridg Alleyne Pdf

Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been successful in replacing lost CBRs. However, the cost of services has increased substantially, some services have been cut back, and some sectors have experienced reduced access. Policy options to address multiple drivers, including lower profitability and risk aversion by global banks, require tailored actions by several stakeholders.

The Withdrawal of Correspondent Banking Relationships

Mrs.Michaela Erbenova,Ms.Yan Liu,Mr.Nadim Kyriakos-Saad,Aledjandro Lopez Mejia,Jose Giancarlo Gasha,Mr.Emmanuel Mathias,Mr.Mohamed Norat,Ms.Francisca Fernando,Ms.Yasmin Almeida
The Withdrawal of Correspondent Banking Relationships Book PDF

Author : Mrs.Michaela Erbenova,Ms.Yan Liu,Mr.Nadim Kyriakos-Saad,Aledjandro Lopez Mejia,Jose Giancarlo Gasha,Mr.Emmanuel Mathias,Mr.Mohamed Norat,Ms.Francisca Fernando,Ms.Yasmin Almeida
Publisher : International Monetary Fund
Page : 42 pages
File Size : 48,5 Mb
Release : 2016-06-30
Category : Business & Economics
ISBN : 9781498375092

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The Withdrawal of Correspondent Banking Relationships by Mrs.Michaela Erbenova,Ms.Yan Liu,Mr.Nadim Kyriakos-Saad,Aledjandro Lopez Mejia,Jose Giancarlo Gasha,Mr.Emmanuel Mathias,Mr.Mohamed Norat,Ms.Francisca Fernando,Ms.Yasmin Almeida Pdf

This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country information. While the withdrawal of CBRs has reached a critical level in some affected countries, which can have a systemic impact if unaddressed, macroeconomic consequences have not been identified so far at a global level. The paper presents responses from the international community to address this phenomenon, and explains the role that the IMF has been playing in this global effort, especially with regards to supporting member countries in the context of surveillance and technical assistance, facilitating dialogue among stakeholders, and encouraging data gathering efforts. The paper concludes by suggesting policy responses by public and private sector stakeholders needed to further mitigate potential negative impacts that could undermine financial stability, inclusion, growth and development goals.

Barbados

International Monetary Fund. Western Hemisphere Dept.
Barbados Book PDF

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 19 pages
File Size : 49,6 Mb
Release : 2018-05-30
Category : Business & Economics
ISBN : 9781484358320

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Barbados by International Monetary Fund. Western Hemisphere Dept. Pdf

This Selected Issues paper summarizes recent development in Barbados’s International Business and Financial Services (IBFS) sector and assesses the extent to which the loss of correspondent banking relationships (CBRs) pose a risk to its future. The contribution of the IBFS sector to the local economy has been relatively stable in recent years but its contribution to fiscal revenues has declined. The sector has displayed lower profitability since the global financial crisis. More recently, it suffered from two changes in Canadian tax legislation. Consequently, tax revenues have declined while other expenditures have largely offset such decline. The sector also faces some risks from the loss of CBRs that has affected most Caribbean countries.

Recent Trends in Correspondent Banking Relationships

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department
Recent Trends in Correspondent Banking Relationships Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 59 pages
File Size : 43,8 Mb
Release : 2017-04-21
Category : Business & Economics
ISBN : 9781498346900

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Recent Trends in Correspondent Banking Relationships by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department Pdf

Correspondent banking relationships (CBRs), which facilitate global trade and economic activity, have been under pressure in several countries. So far, cross-border payments have remained stable and economic activity has been largely unaffected, despite a recent slight decrease in the number of CBRs. However, in a limited number of countries, financial fragilities have been accentuated as their cross-border flows are concentrated through fewer CBRs or maintained through alternative arrangements. These fragilities could undermine affected countries’ long-run growth and financial inclusion prospects by increasing costs of financial services and negatively affecting bank ratings.

Loss of Correspondent Banking Relationships in the Caribbean

Mr.Trevor Serge Coleridge Alleyne,Mr.Jacques Bouhga-Hagbe,Mr.Thomas Dowling,Dmitriy Kovtun,Ms.Alla Myrvoda,Mr.Joel Chiedu Okwuokei,Mr.Jarkko Turunen
Loss of Correspondent Banking Relationships in the Caribbean Book PDF

Author : Mr.Trevor Serge Coleridge Alleyne,Mr.Jacques Bouhga-Hagbe,Mr.Thomas Dowling,Dmitriy Kovtun,Ms.Alla Myrvoda,Mr.Joel Chiedu Okwuokei,Mr.Jarkko Turunen
Publisher : International Monetary Fund
Page : 46 pages
File Size : 44,9 Mb
Release : 2017-09-29
Category : Business & Economics
ISBN : 9781484323915

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Loss of Correspondent Banking Relationships in the Caribbean by Mr.Trevor Serge Coleridge Alleyne,Mr.Jacques Bouhga-Hagbe,Mr.Thomas Dowling,Dmitriy Kovtun,Ms.Alla Myrvoda,Mr.Joel Chiedu Okwuokei,Mr.Jarkko Turunen Pdf

Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been successful in replacing lost CBRs. However, the cost of services has increased substantially, some services have been cut back, and some sectors have experienced reduced access. Policy options to address multiple drivers, including lower profitability and risk aversion by global banks, require tailored actions by several stakeholders.

Illicit Finance and the Law in the Commonwealth Caribbean

Rohan D. Clarke
Illicit Finance and the Law in the Commonwealth Caribbean Book PDF

Author : Rohan D. Clarke
Publisher : Taylor & Francis
Page : 228 pages
File Size : 54,8 Mb
Release : 2022-11-18
Category : Law
ISBN : 9781000785968

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Illicit Finance and the Law in the Commonwealth Caribbean by Rohan D. Clarke Pdf

This book provokes fresh ways of thinking about small developing States within the transnational legal order for combating money laundering and the financing of terrorism and proliferation (TAMLO). From the global wars on drugs and terror to journalistic exposés such as the ‘Paradise’, ‘Panama’ and ‘Pandora’ Papers, the Commonwealth Caribbean has been discursively stigmatised as a mythical island paradise of ‘rogue’ States. Not infrequently, their exercise of regulatory self-determination has been presented as the selling of their economic sovereignty to facilitate shady business deals and illicit finance from high-net-worth individuals, kleptocrats, tax-dodgers, organised crime networks and terrorist financiers. This book challenges conventional wisdom that Commonwealth Caribbean States are among the ‘weakest links’ within the global ecosystem to counter illicit finance. It achieves this by unmasking latent interests, and problematising coercive extraterritorial regulatory and surveillance practices, along the onshore/offshore and Global North/South axes. Interdisciplinary in its outlook, the book will appeal to policymakers, regulatory and supervisory authorities, academics and students concerned with better understanding legal and development policy issues related to risk-based regulatory governance of illicit finance. The book also provides an interesting exposition of substantive legal and policy issues arising from money laundering related to corruption and politically exposed persons, offshore finance, and offshore Internet gambling services.

Unleashing Growth and Strengthening Resilience in the Caribbean

Mr.Krishna Srinivasan,Ms.Inci Otker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne
Unleashing Growth and Strengthening Resilience in the Caribbean Book PDF

Author : Mr.Krishna Srinivasan,Ms.Inci Otker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne
Publisher : International Monetary Fund
Page : 378 pages
File Size : 48,9 Mb
Release : 2017-11-13
Category : Business & Economics
ISBN : 9781484315194

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Unleashing Growth and Strengthening Resilience in the Caribbean by Mr.Krishna Srinivasan,Ms.Inci Otker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne Pdf

This book provides a diagnosis of the central economic and financial challenges facing Caribbean policymakers and offers broad policy recommendations for promoting a sustained and inclusive increase in economic well-being. The analysis highlights the need for Caribbean economies to make a concerted effort to break the feedback loops between weak macroeconomic fundamentals, notably pertaining to fiscal positions and financial sector strains, and structural impediments, such as high electricity costs, limited financial deepening, violent crime, and brain drain, which have depressed private investment and growth. A recurring theme in the book is the need for greater regional coordination in finding solutions to address the Caribbean’s shared and intertwined macroeconomic and structural challenges. The analysis suggests that strengthening regional and global market integration of Caribbean economies would provide an impetus to sustained growth in incomes and jobs. Greater regional and global economic integration would also facilitate structural transformation and a shift toward new economic activities, resulting in more diversified and less vulnerable economies. A central challenge for the Caribbean is thus to come together as a region, overcome the limitations posed by size, and garner the benefits of globalization. Efforts should build on existing regional arrangements; accelerating progress in implementing these agreements would stimulate trade. Policymakers could also promote deeper integration with Latin America and the rest of the world by pursuing new trade agreements, leveraging current agreements more effectively, or deepening them to include areas beyond traditional trade issues, and developing port and transport infrastructure.

The Withdrawal of Correspondent Banking Relationships

Mrs.Michaela Erbenova,Ms.Yan Liu,Mr.Nadim Kyriakos-Saad,Aledjandro Lopez Mejia,Jose Giancarlo Gasha,Mr.Emmanuel Mathias,Mr.Mohamed Norat,Ms.Francisca Fernando,Ms.Yasmin Almeida
The Withdrawal of Correspondent Banking Relationships Book PDF

Author : Mrs.Michaela Erbenova,Ms.Yan Liu,Mr.Nadim Kyriakos-Saad,Aledjandro Lopez Mejia,Jose Giancarlo Gasha,Mr.Emmanuel Mathias,Mr.Mohamed Norat,Ms.Francisca Fernando,Ms.Yasmin Almeida
Publisher : International Monetary Fund
Page : 128 pages
File Size : 44,7 Mb
Release : 2016-06-30
Category : Political Science
ISBN : 9781498336536

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The Withdrawal of Correspondent Banking Relationships by Mrs.Michaela Erbenova,Ms.Yan Liu,Mr.Nadim Kyriakos-Saad,Aledjandro Lopez Mejia,Jose Giancarlo Gasha,Mr.Emmanuel Mathias,Mr.Mohamed Norat,Ms.Francisca Fernando,Ms.Yasmin Almeida Pdf

This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country information. While the withdrawal of CBRs has reached a critical level in some affected countries, which can have a systemic impact if unaddressed, macroeconomic consequences have not been identified so far at a global level. The paper presents responses from the international community to address this phenomenon, and explains the role that the IMF has been playing in this global effort, especially with regards to supporting member countries in the context of surveillance and technical assistance, facilitating dialogue among stakeholders, and encouraging data gathering efforts. The paper concludes by suggesting policy responses by public and private sector stakeholders needed to further mitigate potential negative impacts that could undermine financial stability, inclusion, growth and development goals.

Handbook of Caribbean Economies

Robert Looney
Handbook of Caribbean Economies Book PDF

Author : Robert Looney
Publisher : Routledge
Page : 505 pages
File Size : 46,6 Mb
Release : 2020-11-10
Category : Political Science
ISBN : 9780429555657

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Handbook of Caribbean Economies by Robert Looney Pdf

This volume aims to illustrate the uniqueness of the economies of the countries and territories of the Caribbean as well as the similarities they share with other regions. While most countries in the region share many of the characteristics of middle-income countries, theirs is a matter of extremes. Their generally small size suggests a fragility not found elsewhere. While much of the world is beginning to feel some effects of climate change, the Caribbean is ground zero. These factors suggest a difficult road ahead, but the chapters presented in this volume aim to help to spur the search for creative solutions to the region’s problems. The chapters, written by expert contributors, examine the Caribbean economies from several perspectives. Many break new ground in questioning past policy mindsets, while developing new approaches to many of the traditional constraints limiting growth in the region. The volume is organized in four sections. Part I examines commonalities, including issues surrounding small economies, tourism, climate change and energy security. Part II looks at obstacles to sustained progress, for example debt, natural disasters and crime. In Part III chapters consider the specific role of external influences, including the USA and the European Union, the People's Republic of China, as well as regional co-operation. The volume concludes in Part IV with country case studies intended to provide a sense of the diversity that runs through the region.

Cabo Verde

International Monetary Fund. African Dept.
Cabo Verde Book PDF

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 15 pages
File Size : 43,8 Mb
Release : 2018-04-18
Category : Business & Economics
ISBN : 9781484352328

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Cabo Verde by International Monetary Fund. African Dept. Pdf

This Selected Issues paper provides an overview of the nature and scope of corresponding banking relationships (CBRs) withdrawals in Cabo Verde and discusses policy options to address this challenge. The paper reports the results of a bank level survey and employs the minimum scope framework developed by Grolleman and Jutrsa (2017) on Cabo Verdean bank level data for 2014–2017. Banks in Cabo Verde have experienced a reduction in CBRs since 2013. Bank level survey shows that the terminations are broad based and involves both the central bank and commercial banks. The impact on the banking system has so far been minimal but banks reported facing increased cost of US dollar transactions. The results using the minimum scope framework shows that value of payment flows declined significantly between 2014 and 2016. There is a need for coordinated efforts by all relevant stakeholders at the institutional, national, and regional levels to contribute their knowledge and skills to the resolution of the problem.

Eastern Caribbean Currency Union

International Monetary Fund. Western Hemisphere Dept.
Eastern Caribbean Currency Union Book PDF

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
Page : 119 pages
File Size : 54,9 Mb
Release : 2016-10-25
Category : Business & Economics
ISBN : 9781475546361

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Eastern Caribbean Currency Union by International Monetary Fund. Western Hemisphere Dept. Pdf

The regional recovery is gaining ground, supported by continued low oil prices, the return to pre-2007 levels of tourism arrivals, and buoyant citizenship-by-investment receipts. Three failed banks have been resolved with no spillovers to the rest of the region and authorities have demonstrated improved fiscal management. Risks in the short run appear to be balanced but the region still faces many vulnerabilities that jeopardize the medium-term outlook. This year’s discussions took stock of the progress made and the policies needed to address key vulnerabilities related to the weak banking system, high debt, susceptibility to natural disasters, and competitiveness.

Challenges in Correspondent Banking in the Small States of the Pacific

Jihad Alwazir,Mr.Fazurin Jamaludin,Dongyeol Lee,Niamh Sheridan,Ms.Patrizia Tumbarello
Challenges in Correspondent Banking in the Small States of the Pacific Book PDF

Author : Jihad Alwazir,Mr.Fazurin Jamaludin,Dongyeol Lee,Niamh Sheridan,Ms.Patrizia Tumbarello
Publisher : International Monetary Fund
Page : 29 pages
File Size : 40,8 Mb
Release : 2017-04-07
Category : Business & Economics
ISBN : 9781475593471

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Challenges in Correspondent Banking in the Small States of the Pacific by Jihad Alwazir,Mr.Fazurin Jamaludin,Dongyeol Lee,Niamh Sheridan,Ms.Patrizia Tumbarello Pdf

Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.

Excerpt: Unleashing Growth and Strengthening Resilience in the Caribbean

Mr.Krishna Srinivasan,Ms.Inci Ötker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne
Excerpt Unleashing Growth and Strengthening Resilience in the Caribbean Book PDF

Author : Mr.Krishna Srinivasan,Ms.Inci Ötker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne
Publisher : International Monetary Fund
Page : 33 pages
File Size : 42,5 Mb
Release : 2017-09-29
Category : Business & Economics
ISBN : 9781484322154

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Excerpt: Unleashing Growth and Strengthening Resilience in the Caribbean by Mr.Krishna Srinivasan,Ms.Inci Ötker,Ms.Uma Ramakrishnan,Mr.Trevor Serge Coleridge Alleyne Pdf

This book provides a diagnosis of the central economic and financial challenges facing Caribbean policymakers and offers broad policy recommendations for promoting a sustained and inclusive increase in economic well-being. The analysis highlights the need for Caribbean economies to make a concerted effort to break the feedback loops between weak macroeconomic fundamentals, notably pertaining to fiscal positions and financial sector strains, and structural impediments, such as high electricity costs, limited financial deepening, violent crime, and brain drain, which have depressed private investment and growth. A recurring theme in the book is the need for greater regional coordination in finding solutions to address the Caribbean’s shared and intertwined macroeconomic and structural challenges. The analysis suggests that strengthening regional and global market integration of Caribbean economies would provide an impetus to sustained growth in incomes and jobs. Greater regional and global economic integration would also facilitate structural transformation and a shift toward new economic activities, resulting in more diversified and less vulnerable economies. A central challenge for the Caribbean is thus to come together as a region, overcome the limitations posed by size, and garner the benefits of globalization. Efforts should build on existing regional arrangements; accelerating progress in implementing these agreements would stimulate trade. Policymakers could also promote deeper integration with Latin America and the rest of the world by pursuing new trade agreements, leveraging current agreements more effectively, or deepening them to include areas beyond traditional trade issues, and developing port and transport infrastructure.

Is the Whole Greater than the Sum of its Parts? Strengthening Caribbean Regional Integration

Abdullah Al-Hassan,Mary E. Burfisher,Mr.Julian T Chow,Ding Ding,Fabio Di Vittorio,Dmitriy Kovtun,Arnold McIntyre,Ms.Inci Ötker,Marika Santoro,Lulu Shui,Karim Youssef
Is the Whole Greater than the Sum of its Parts Strengthening Caribbean Regional Integration Book PDF

Author : Abdullah Al-Hassan,Mary E. Burfisher,Mr.Julian T Chow,Ding Ding,Fabio Di Vittorio,Dmitriy Kovtun,Arnold McIntyre,Ms.Inci Ötker,Marika Santoro,Lulu Shui,Karim Youssef
Publisher : International Monetary Fund
Page : 79 pages
File Size : 50,7 Mb
Release : 2020-01-17
Category : Business & Economics
ISBN : 9781513525860

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Is the Whole Greater than the Sum of its Parts? Strengthening Caribbean Regional Integration by Abdullah Al-Hassan,Mary E. Burfisher,Mr.Julian T Chow,Ding Ding,Fabio Di Vittorio,Dmitriy Kovtun,Arnold McIntyre,Ms.Inci Ötker,Marika Santoro,Lulu Shui,Karim Youssef Pdf

Deeper economic integration within the Caribbean has been a regional policy priority since the establishment of the Caribbean Community (CARICOM) and the decision to create the Caribbean Single Market and Economy (CSME). Implementation of integration initiatives has, however, been slow, despite the stated commitment of political leaders. The “implementation deficit” has led to skepticism about completing the CSME and controversy regarding its benefits. This paper analyzes how Caribbean integration has evolved, discusses the obstacles to progress, and explores the potential benefits from greater integration. It argues that further economic integration through liberalization of trade and labor mobility can generate significant macroeconomic benefits, but slow progress in completing the institutional arrangements has hindered implementation of the essential components of the CSME and progress in economic integration. Advancing institutional integration through harmonization and rationalization of key institutions and processes can reduce the fixed costs of institutions, providing the needed scale and boost to regional integration. Greater cooperation in several functional policy areas where the region is facing common challenges can also provide low-hanging fruit, creating momentum toward full integration as the Community continues to address the obstacles to full economic integration.