The Editor, Sir:

The CARICOM Single Market and Economy (CSME) is an important and necessary step towards obtaining a single currency for the region. Indeed, it is an essential component of the plan.

However, it will be a difficult task. One of the main reasons is that there is a great difference or gap in the member-states' foreign exchange rate when compared with the big giants - United States, Canada, United Kingdom and European Union for example.

Based on the present state of some economies, it can be seen that the 2008 deadline will not be met.

The Organisation of Eastern Caribbean States common currency union has maintained stability for the sub-region over the past decade because those countries did not have a great difference in foreign debt, or exchange rate, which creates an easier transition.

It should be noted that debt problems will not be solved for some members, but their economies will benefit one way or another.

A major obstacle for CARICOM is the implementation of the single currency.

Although many view CARICOM as a failure, it is destined to create wealth if this one last obstacle is overcome.

I am, etc.,

CHARLES H. BROWN

charliebrown1004@hotmail.com

Morant Bay, St. Thomas