As of July 3, 2006, it now has 12 members. Although the Caribbean Single Market and Economy (CSME) has been established, in 2006 it was only expected to be fully implemented in 2008. Later in 2007 a new deadline for the coming into effect of the Single Economy was set for 2015, however, following the financial crisis of 2007–2008 and the resulting Great Recession, in 2011, CARICOM Heads of Government declared that progress towards the Single Economy had been put on pause. The completion of the CSME with the Single Economy will be achieved with the harmonization of economic policy, and possibly a single currency.