Abstract
The long-term revenue and balance of payments policies of the Central American Common Market (CACM) countries are (1) to achieve harmonization of their tax structures and improve tax administration; and (2) to establish a Central American Monetary Union capable of (a) assisting member countries suffering from temporary balance of payments disequilibria; (b) operating as a Federal Reserve Banktype system; and (c) serving as a clearinghouse for intra-CACM as well as external payments. These policies have been receiving considerable study. On 25 February 1964 the central banks of the five CACM countries signed in San Salvador an Agreement for the Establishment of a Central American Monetary Union. The foregoing policies were enunciated at a meeting of the Central American presidents in San José, Costa Rica, on 19 March 1963, when they agreed “to establish a monetary union and a common policy in fiscal, economic and social matters, within the framework of the Economic Integration Program.” A Central American Monetary Council was created by the Agreement. The Council comprises the presidents of the five central banks of the CACM countries.
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