OECS Authority, ECCB Monetary Union discuss global financial crisis

By VonDez Phipps
Reporter-SKNVibes.com

BASSETERRE, St. Kitts – HEADS of Government from the Organization of Eastern Caribbean States (OECS) have convened today (Jan. 15) for a special joint meeting of the OECS Authority and the Eastern Caribbean Central Bank (ECCB) Monetary Council.

The two-day meeting is expected to address the impact of the global economic downturn on the region’s tourism sector as the body aims to prepare regional responses to soften the impact on its economies.

According to an official communiqué issued by the OECS Secretariat, today’s meeting serves to follow up on the recommendations made by the OECS Tourism Ministers during a special meeting with ECCB Governor Dwight K. Venner last December.

Among the recommendations coming out of last year’s precursor meeting was the development of a paper by the OECS Secretariat that would be presented to the Special Meeting of the Heads of Government and Ministers of Finance.

The presented paper is said to articulate issues confronting the industry and identifies steps being taken in the respective member states to address the challenges. The document also suggests additional measures that could be employed to “assist the region’s most vital foreign exchange earner to remain viable in the face of the most serious crisis it has yet had to confront”.

The Federation’s delegation, led by Prime Minister Douglas, includes Minister of Finance Hon. Dr. Timothy Harris, Premier of Nevis Hon. Joseph Parry, Financial Secretary Janet Harris and the Federation’s Ambassador to the OECS His Excellency Mr. Wendell Lawrence.