by Mervin Matthew
Government Information Service
Dominica’s Hon. Prime Minister and Minister for Finance and Social Security Roosevelt Skerrit is the new chairman of the Monetary Council of the Eastern Caribbean Central Bank (ECCB)
Prime Minister Skerrit accepted the chairmanship from former chairman Hon. Minister for Finance, the Economy and Public Administration of Antigua and Barbuda Harold Lovell during the 65th meeting of the council on July 10 at the Fort Young Hotel in Dominica.
Hon. Prime Minister of Dominica
Roosevelt Skerrit
"I accept the honour of the leadership of the Monetary Council with humility and look forward to the support from my fellow council members, the board of directors, management and staff of the bank as we discharge our respective responsibilities in the pursuit of an improved state of well being for people of the currency union.”
The chairmanship of the council is rotated among members annually. The last time Dominica chaired the monetary council was in 2001
The Dominica leader is taking up the leadership of the monetary council during very challenging times for the region as institutions like the ECCB continue to feel the impact of the global economic and financial crisis.
n his address to the Finance Ministers the new chairman spoke of the reality of the crisis and its likely impact on the region particularly in the construction and tourism sectors
“For the ECCU as a whole the projected decline in tourism and construction is approximately fourteen percent (14%) in 2009/2010.The level of unemployment in the ECCU is expected to increase and central government’s fiscal operations are likely to deteriorate as social safety net programmes expand and revenue contracts outgrow at a reduced rate. Governments’ current revenue is expected to fall by twelve point nine percent (12.9 %) in 2009.”
The Monetary Council is the highest decision making authority of the ECCB whose mission is to maintain the stability of the EC dollar and the integrity of the banking system in order to facilitate growth and development of member states.
To ensure that this mission is accomplished amidst the global challenges the new chairman and his team of finance ministers from the ECCU member countries will be required to take decisive actions in the best interest of the region.
Speaking to reporters on the heels of the July 10 meeting Prime Minister Skerrit assured the region that a major programme of stabilisation and growth had already been developed.
“Council emphasised the need for the speedy implementation of the ECCU Eight Point Stabilisation and Growth Programme agreed to by the OECS Authority and the ECCB Monetary Council in addressing the current challenges and underlying trends with immediate attention to be given to the implementation of financial, fiscal reform programmes and debt management programmes.”
Former chairman of the Monetary Council Hon. Finance Minister of Antigua and Barbuda Harold Lovell of Antigua and Barbuda also believes there is a need to hasten the establishment of the OECS Economic Union.
Former Chairman of the ECCB
Monetary Council Hon Minister
for Finance of Antigua
Harold Lovell
The Economic Union will be critical in addressing issues of size, scale, productive capacity and opportunities for growth. I am therefore very happy to note the progress made with this initiative. The Commonwealth of Dominica, Montserrat, Grenada and St. Vincent and the Grenadines have all successfully launched the public consultative process and by all accounts the initiative is well received both nationally and regionally. We look forward to accelerated action in this area.”
The next meeting of the monetary council will be held in St. Kitts and Nevis on Friday October 16, 2009.
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