Eastern Caribbean dollar in the context of "Free-trade area"

A free trade area is the region encompassing a trade bloc whose member countries have signed a free trade agreement (FTA). Such agreements involve cooperation between at least two countries to reduce trade barriers, import quotas and tariffs, and to increase trade of goods and services with each other. If natural persons are also free to move between the countries, in addition to a free trade agreement, it would also be considered an open border. It can be considered the second stage of economic integration.

Customs unions are a special type of free trade area. All such areas have internal arrangements which parties conclude in order to liberalize and facilitate trade among themselves. The crucial difference between customs unions and free trade areas is their approach to third parties. While a customs union requires all parties to establish and maintain identical external tariffs with regard to trade with non-parties, parties to a free trade area are not subject to this requirement. Instead, they may establish and maintain whatever tariff regime applying to imports from non-parties as deemed necessary. In a free trade area without harmonized external tariffs, to eliminate the risk of trade deflection, parties will adopt a system of preferential rules of origin.

A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union, which would have, in addition, a customs union and a single market).

The Eastern Caribbean Currency Union (ECCU) is one of the world's four regional currency unions. The union is a development of the Organization of Eastern Caribbean States, in which the member countries agree to share the same currency, the Eastern Caribbean dollar (EC dollar).

The ECCU is composed of the nations of Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines and the British territories of Anguilla and Montserrat.

Dollar is the name of more than 25 currencies. The United States dollar, named after the international currency known as the Spanish dollar, was established in 1792 and is the first so named that still survives. Others include the Australian dollar, Brunei dollar, Canadian dollar, Eastern Caribbean dollar, Hong Kong dollar, Jamaican dollar, Liberian dollar, Namibian dollar, New Taiwan dollar, New Zealand dollar, Singapore dollar, Trinidad and Tobago dollar, and several others. The symbol for most of those currencies is the dollar sign $; the same symbol is used by many countries using peso currencies.

The name 'dollar' originates from the tolar which was the name of a 29-gram (1.0 oz) silver coin called the Joachimsthaler minted in 1519 in the western part of Bohemia (now the Czech Republic). The word thaler itself comes from the German word Thal, i.e. 'valley'.

Regional Integration is a process in which neighboring countries enter into an agreement in order to upgrade cooperation through common institutions and rules. The objectives of the agreement could range from economic to political to environmental, although it has typically taken the form of a political economy initiative where commercial interests are the focus for achieving broader socio-political and security objectives, as defined by national governments. Regional integration has been organized either via supranational institutional structures or through intergovernmental decision-making, or a combination of both.

Past efforts at regional integration have often focused on removing barriers to free trade in the region, increasing the free movement of people, labour, goods, and capital across national borders, reducing the possibility of regional armed conflict (for example, through Confidence and Security-Building Measures), and adopting cohesive regional stances on policy issues, such as the environment, climate change and migration.

Hurricane Emily was the first July Atlantic hurricane to reach Category 5 status on the Saffir-Simpson scale. It remained the only to have done so until Beryl of 2024. The fifth named storm, third hurricane, second major hurricane, and first Category 5 hurricane of the record-breaking 2005 Atlantic hurricane season, Emily formed on July 11 from a tropical wave east of the Lesser Antilles. Three days later, it made landfall on Grenada as a minimal hurricane, just ten months after Hurricane Ivan devastated the region. Emily attained maximum sustained winds of 260 km/h (160 mph) on July 16 while passing southwest of Jamaica, which at the time made it the strongest Atlantic hurricane before the month of August. Slight weakening occurred before Emily made landfall along Mexico's Yucatán Peninsula on July 18 as a Category 4 hurricane. Quickly crossing the peninsula, Emily emerged over the Gulf of Mexico as a minimal hurricane. It reorganized and reached Category 3 intensity before making its final landfall in the Mexican state of Tamaulipas on July 20. It rapidly weakened and dissipated over land on July 21, although thunderstorms reached as far inland as New Mexico. In 2024, Emily was surpassed by Hurricane Beryl as the strongest Atlantic hurricane before August, as measured by maximum sustained winds.

Emily was a powerful early-season tropical cyclone that caused significant damage across the Lesser Antilles, the Caribbean, and Mexico. While moving through the Lesser Antilles, the hurricane produced strong winds and heavy rainfall that caused flooding and landslides across several islands. In Grenada, a man died when a landslide destroyed his house. The hurricane damaged or destroyed 2,641 homes in the country, leaving 167 families homeless. Emily's damage on Grenada totaled EC$121.14 million (US$44.87 million). Later, the hurricane dropped 392 mm (15.43 in) of rainfall on Jamaica, which added to the destruction caused by Hurricane Dennis a week earlier. Damage from the two hurricanes totaled J$5.98 billion (US$96 million) in Jamaica. Also in the country, five people died related to a vehicle accident and floods. In nearby Haiti, flooding from Emily caused ten fatalities. Emily's impacts occurred as far south as Honduras, where one person drowned due to river flooding from the storm.