BASSETERRE, St. Kitts – GOVERNOR of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine has laid out the institution’s Strategic Plan for the period 2017-2021.
Addressing a gathering of diplomats, bank officials, media representatives and high-ranking dignitaries at the Sir Cecil Jacobs Auditorium on Tuesday (Oct. 3), Antoine explained that the plan comes at a time when the ECCU is experiencing a number of challenges.
Among those challenges are low growth, natural disasters and unemployment within the Currency Union.
According to the Governor, the plan reflects the bank’s recognition of the rapidly changing economic and financial landscape and “the necessity for agility in the delivery of our financial stability and economic development mandates”.
“Our plan today lays out a new vision for a new era,” Antoine said.
Though he did not give the entire plan, he outlined five goals that they are hopeful of achieving:
• Maintain a strong and stable EC dollar;
• Ensure a strong, diversified and resilient financial sector;
• Be the advisor of choice to our participating governments in pursuit of fiscal and debt sustainability;
• Actively promote the economic development of our member territories; and
• Enhance organizational effectiveness to ensure responsiveness and service excellence.
During his address, Antoine noted that a reflection must be placed on the fundamental principles of why the bank exists, pointing to Article 4:4 – which is to “Actively promote through means consistent with its objectives…which are the economic development of the territories”.
“The reason why I single that one out is because everyone knows that we have a stability mandate, and not everyone knows that we also have an economic development mandate; and that is enshrined in our agreement.”
In keeping with its new plan, the Central Bank has also revised its Mission Statement.
According to Antoine, the Statement -Advancing the good of the people of the Currency Union, while maintaining financial stability and promoting growth and development - highlights a means to an end, with the end being the overall development.