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The
Andean Community countries are working
jointly to harmonize their macroeconomic
policies, particularly their exchange,
financial and fiscal policies. The
CAN Advisory Council of Treasury or
Finance Ministers, Central Bank Presidents
and Economic Planning Officers has
progressed in defining the
criteria
for convergence on inflation, public
debt and fiscal deficit.
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CONVERGENCE
MACROECONOMIC |
Important
steps have been taken toward
macroeconomic convergence, above
all since the creation of the
Andean Community Advisory Council
of Treasury or Finance Ministers,
Central Bank Presidents and
Economic Planning Officers.
Those steps are: |
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The
adoption in May 1999 of the
first criterion for inflation
convergence, consisting of the
gradual attainment of single-digit
annual rates.
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The
definition in June 2000 of a
follow-up mechanism for the
first convergence criterion
through the presentation of
biannual reports. |
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The
adoption in June 2001 of a
second
criterion on fiscal convergence
(that the non-financial public
sector deficit will not exceed
3% of GDP as of 2002). |
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The
formalization in June 2001 of
the formation of the
Permanent
Technical Group (PTG) whose
main purpose is to follow-up
on the inflation and fiscal
convergence targets. |
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The
approval in April 2003 of Decision
543 that commits the countries
to submit their
Convergence
Action Programs (CAPs) to the
Secretariat every year.
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The
instruction of the Permanent
Technical Group by the Advisory
Council in June 2003, to evaluate
a proposal to revise the current
inflation convergence target,
in order to reduce the level
and volatility of inflation
and moderate its dispersion
among the Member Countries. |
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The
approval in May 2004, through
Decision 578, of the Regime
to avoid Double Taxation and
Prevent Tax Evasion. In July
of that same year, an agreement
was reached, through Decisions
599 and 600, on the Harmonization
of Substantive and Procedural
Aspects of Value-Added type
Taxes and the Harmonization
of Indirect Taxes, respectively.
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More Information |
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CAN economic authorities plan to
boost microfinance in order to
shield grassroots economies from
the crisis
Lima, February 2, 2009 |
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Declaration of the Council of
Treasury or Finance Ministers,
Central Banks and Heads of
Economic Planning
Lima, February 2, 2009 |
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CAN Ministers of Economy and Finance coordinate
measures to jointly deal with the international crisis
Lima, November 24, 2008 |
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Declaration of the Advisory Council of Treasury or Finance
Ministers, Central Banks and Heads of Economic Planning
Lima, November 24, 2008 |
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Wagner proposes the South Americanization of
the CAN’s financial institutions and
macroeconomic policy harmonization
Lima, June 22, 2005 |
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Economic Report
Macroeconomic Convergence Process in the
Andean Community
June, 2001 |
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Final Report of the Fifth Regular Meeting of
the Andean Community Advisory Council of
Treasury or Finance Ministers, Central Banks,
and Economic Planning Officers
Caracas, June 21, 2001 |
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Andean Integration and dollarization:
Some reflections about Ecuador’s case
Presentation by the Chairman of the Board of
Directors of the Central Bank of Ecuador, José
Luis Ycaza, at the seminar "Ecuador’s
dollarization and its effects on Andean
subregional trade"
Lima, August 25, 2000 |
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Latin American dollarization processes
Presentation by Dr. Liliana Rojas-Suárez,
Director of the Deutsche Bank Securities of
New York, at the seminar "Ecuador’s
dollarization and its effects on Andean
subregional trade "
Lima, August 25, 2000 |
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Dollarization no obstacle to the formation of
the Andean Common Market, according to Ecuador
Lima, August 25, 2000 |
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Report of the Fourth Regular Meeting of the
Advisory Council of Treasury or Finance
Ministers, Central Banks, and Economic
Planning Officers
Lima, June 8, 2000 |
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