Public Governance

Common Currency or fixated currency: By an Australian and New Zealand initiative, the online portal functions as a transparent way for Pacific island citizens to gain an overview of the cost of financial transactions in the region. Pacific Island remittances total costs range from 15-26% for Banks and larger MTOs whereas global costs have fallen to 9 percent worldwide and approximately 5 percent in some corridors. Remittances inflows to the Pacific were greater than USD $470 million in 2010. This means that a yearly value of between $47-98.7 million USD flows from the population and into individual banking revenue. By inserting either a common currency or a fixated currency (as in the case of the Danish Krone in EU), much of the cost of transaction will be removed because the price of converting the currency will not apply. Thus meaning that workers would have a higher disposable amount when it comes to
their own economy.

Regional recognition of qualifications: Prime Minister John Key announced at the 2010 PIF meeting in Vanuatu that New Zealand will increase the number of scholarships available to students from the Pacific to 200 undergraduate and postgraduate places at tertiary institutions across New Zealand. Though generous by nature, it does not hide the fact that the quality of the universities is not evenly recognised throughout the region. In the EU, all universities are officially recognised by the common European treaty and of
a high level of quality. This secures an efficient diffusion of skills, as well  as securing a more equal distribution of knowledge in a modern knowledge based economy.

Common law on fisheries: Controlling the enormous sea in the Pacific is not an easy task. Many Pacific Island countries have small land mass but comparatively large marine resources in their archipelagic waters, territorial seas and exclusive economic zones (EEZ) – the sea area they have rights over[1]. This means that the Pacific Ocean is a somewhat poorly monitored area, which according to the PIF means a loss of 400 million per year in revenue. This is taking place even though the New Zealand Aid Programme provides $3.3 million per year into this purpose. A collective effort, as seen in Europe as a result of the European common law on fisheries, will make patrolling the Pacific more effective. This would mean a greater keeping of the income on fisheries, thus contributing to the living standard of the island populations.

[1]    A
good example is the Cook Islands, with 240 km sq land, and fisheries waters of
1.8 million km sq.