CARICOM is in crisis. The crisis is sufficiently severe to put CARICOM's very existence in question.
This is for three reasons:
Longstanding frustrations with its slow progress have continued to mount;
A serious weakening in its structure and operation over a number of years;
Continuing economic retrenchment since the 2008 financial crisis and the risk of a further downturn in 2012.
The crisis is sufficiently severe to put CARICOM's very existence in question. This is because many of its Member States are highly indebted with the result that a further downturn in 2012 could compromise their ability to fund the construct. The Secretariat and CARICOM institutions are not strong enough to cope with any major shortfall in funding. Notwithstanding the immediate dangers，there is evidence that, without fundamental change， CARICOM could expire slowly over the next few years as stakeholders begin to vote with their feet.
CARICOM can surmount the crisis and eventually prosper as long as fundamental changes in its operation and structures are made - and made decisively and speedily.
There are three general conditions governing whether CARICOM can survive and eventually prosper. These are:
The full and unequivocal support of Member States;
Targeting the delivery of a narrow range of specific, practical and achievable benefits over a reasonably short time horizon;
A credible reorganisation and strengthening of the CARICOM construct，including the Secretariat and CARICOM institutions, focused on the management of implementation.
In our judgement the fortunes of CARICOM can be turned round as long as the existential nature of the current crisis and its seriousness are fully appreciated and understood and the requisite decisions and action taken. The main report that follows sets out the main decisions that are required and the key actions that need to be taken.