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Fostering Economic Policy Coordination in Latin America

The REDIMA Approach to Escaping the Prisoner's Dilemma

image of Fostering Economic Policy Coordination in Latin America

This work aims to provide some useful elements for addressing specific issues related to coordinating policies among sovereign nations in a world undergoing globalization and subject to increasing uncertainty. It has a twofold objective: to provide clear positions regarding options for Latin American integration, and to publicize the REDIMA experiment, as well as the momentum behind it and the proposals issued through it. REDIMA is the acronym of the Spanish and Portuguese name of the Macroeconomic Dialogue Network, implemented in Latin America by ECLAC in cooperation with the European Commission.

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Applicability to Latin America: The REDIMA approach

Although the principles set forth in the preceding chapters appear to be universally applicable, only in Europe has it been possible to implement them on a long-term basis and in a concrete and formal manner. Europe has thus piloted the case for a successful policy-coordination scheme. However, since the differences between Latin America and Europe are substantial, the first question should be: to what extent is it possible for Latin America to think of importing the European model? And, of this model, what is valid for the countries of Latin America?

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