Over the last decade, Aruba has faced three recessions resulting in a public debt of approximately 90 percent of GDP. Its current budget deficit needs to be reduced and Aruba should close a fiscal gap of 1.5-2 percent of GDP over the next two to three years to return to a sustainable path....

Regional trade arrangements have recently attracted growing interest, as existing schemes are either being extended or revived and new groupings are being formed. This study reviews recent initiatives and the experience with regional integration in industrial and developing countries and...