Enrique García, executive president at the Andean summit

The CAF executive president, Enrique García, made a noteworthy contribution at the Extraordinary Ministerial Meeting of the Andean Community of Nations held in the Bolivian city of Santa Cruz de la Sierra from 28 through 30 January this year.

In remarks to the inaugural session of the summit, García analyzed the situation in the countries of the region which, in comparative terms, have progressed little in 50 years, making integration more urgent. "Integration is not a luxury but a necessity," he said.

The CAF executive president said that in the last two years an unusual situation had occurred with a simultaneous recession in all the world’s major economies, which has had a very serious effect on regional economies.

"If we go beyond current problems - which show a decrease in the key variables that indicate progress - and we concentrate on the roots of the problem, we find that the region continues as it was 50 years ago: very vulnerable to external shocks because of the nature of production and exports, essentially because they are concentrated in raw materials," the CAF chief executive said.

In a more reflective mood, García expressed concern that the asymmetry that exists in several areas of financing and in trade prevents the region from achieving growth that is not only sustainable but also equitable, in that it reaches the majority of the region’s population.

"From CAF’s point of view, integration should not be seen as a luxury but as a necessity. Not a romantic necessity but one which means making a joint effort to attack the root of the problem." said the CAF president.

The meeting of Andean ministers will serve, García added, to reflect on the need for the region to build its own agendas that map the way to competitiveness, equity and a more effective and equitable integration into the international economy.

With these problems in mind, García promised to continue providing financial assistance to the countries of the region, principally to tackle the problems of competitiveness, small business, micro-enterprises, development of capital markets and to promote programs of infrastructure and regional logistics.