Efforts to ease global impacts on local economies is producing some interesting results

In the midst of a global financial meltdown, authorities of the Central American Integration System (CAIS) have moved on to implement a series of changes in the region’s economy to confront the crisis.

CAIS has stated that the region will seek to create a regional currency as well as new laws and an investment infrastructure in order to prepare for the effects the economic crisis may have on the region.  The new provisions will also focus on Central America’s banking system to prepare it for the arrival of foreign bank investments.

During last year’s summit in San Pedro Sula, Honduras the heads of the Central American governments agreed on taking action that would give the region’s citizens a sense of identity and unity. Amongst this idea, they even are considering approval of issuing a Central American passport along with the currency.

Global economists have stated that the financial crisis will probably continue for a few more years and that the least prepared economies will suffer the worst.  During the summit, members from the countries of Honduras, Belize, Guatemala, El Salvador, Nicaragua, Costa Rica, Panama and Dominican Republic reported slight decrease in its economic indicators. While further to the south, countries such as Chile and Peru have had positive economic results for the past few years and many Central American governments are looking to them for ideas on how to boost domestic production and insulate the local economy from international stagnation.

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