In a Tribune article the Chairman of the Financial Services Consultative Forum, Mr. Brian Moree makes the case against joining the CSME. His points are:
1) ﾠﾠJoining CSME will inevitably lead to full integration with member states.
2) ﾠﾠA single market with a multiplicity of currencies cannot work without major political adjustments.
3) ﾠﾠIntergovernmental co-operation as now exists will change and the dominating supranational structure will be making critical economic and political decisions for Bahamians.
4) ﾠﾠThe economic benefits are minimal and lost sovereignty is the likely price.
5) ﾠﾠThe Bahamas has not signed the revised Treaty of Chaguaramas ﾭ and are thereby not bound to terms yet to be decided.
6) ﾠﾠOnce signed to Chaguaramas there is no turning back.
Former Minister of Finance Sir William Allen in a letter to the Tribune sets out his perspective for not joining. Highlights of his letter are listed here:
1) ﾠﾠThe economic case for joining has not been made.
2) ﾠﾠIt is not necessary to join CSME in order to be a part of the WTO process.
3) ﾠﾠEconomic integration with the CSME countries is not a requirement for co-operative decisions that may benefit the region.
4) ﾠﾠExisting monetary policy can be addressed to encourage expansion of the capital market without joining CSME.
5) ﾠﾠThe development model for the Bahamas is ﾳsignificantlyﾲ different from most other Caricom countries and the difference requires that the Bahamas be excluded from some of the key provisions.
6) ﾠﾠBecause the Bahamian economy is so different from other countries in the region there is no ﾳintrinsicﾲ value in joining ﾭ until/unless we become more like them.
Condensing ideas to simple statements are starting points for discussion. Joining the CSME will be a commitment to making profound changes in ways we cannot possibly anticipate.
In his talk to the Kiwanis Club Mr. Mitchell lists seven bureaucracies that will comprise the Caribbean Community from which he anticipates some benefit. ﾠBureaucracies are notoriously inefficient and costly. How the Bahamas would benefit from more of them is not stated.
Embedded in Mr. Mitchellﾹs response to Sir William there may be a list of reasons for joining. ﾠHowever the deciphering required suggests that Mr. Mitchell is not sure himself where the CSME train is headed. Therefore we are not climbing aboard.
THE NASSAU INSTITUTE
