The council received the Governor's Report on Monetary and Credit Conditions in accordance with Article 7(2) of the Eastern Caribbean Central Bank Agreement 1983. The report outlined monetary and credit conditions in the ECCU over the 12 months ended September 2010 and the outlook for the near to medium term, in the context of global economic and financial developments. The council applauded the recent ratification of the Treaty of Basseterre establishing the OECS Economic Union on January 21. The council agreed that the establishment of the Economic Union was a significant achievement and was a fundamental instrument in addressing the current challenges that confronted the region. The council was apprised of developments in the global economy and in particular that global economic recovery had commenced with world output increasing at an annual rate of 5.8 per cent in the first half of 2010, led by strong industrial production and a continued recovery in global trade. Notwithstanding, high unemployment and reduced household wealth have acted to restrain economic activity in industrialised nations.
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