OECS Authority/ECCB Monetary Council culminates
By VonDez Phipps
Reporter-SKNVibes.com
BASSETERRE, St. Kitts – The special joint meeting of the Organization of the Eastern Caribbean States (OECS) Authority and the Eastern Caribbean Central Bank (ECCB) ended Friday (Jan. 16) following two days of thorough discussions of the impact of the global financial crises on the region.
The meeting, which began on Thursday, January 15, brought together officials from the ECCB and the nine OECS Heads of Government accompanied by their respective Ministers of Finance.
St. Kitts-Nevis Prime Minister, Hon. Dr. Denzil Douglas; Minister of Finance, Hon. Dr. Timothy Harris; Financial Secretary, Janet Harris and Nevis Premier, Hon. Joseph Parry represented the Federation at the crucial gathering.
Following the meeting’s culmination, St. Vincent and the Grenadines’ Prime Minister, Hon. Dr. Ralph Gonsalves expressed his satisfaction, on behalf of the OECS Authority, with the progress made over the two-day period.
“This meeting was an excellent one; in my eight years as Prime Minister attending the regional meetings of OECS Heads of Government with the ECCB Monetary Council, I would say that this would rank among the highest of the most productive meetings. Perhaps indeed the crisis in the international economy and the adverse consequences upon us, have caused us to concentrate more. ~~Adz:Right~~
“It is clear why we met at this time. The meeting was necessary and desirable for us to bring together both elements with all the officials and partners of the OECS and the Central Bank to address this towering crisis which we are facing.
“Each Prime Minister gave a review as to the impact of the international economic crisis on their respective countries. We also delineated the steps that we have been taking with the fallout from the crisis which is the worst the world has seen in 80 years. We also identified areas which the OECS and the Monetary Council can work together to see how we can meet the challenges arising from this crisis.”
Gonsalves indicated that the collective group has fashioned a series of responses as he claims the members have remained “very mindful that despite all the weaknesses, limitations and the challenges which confront us, residing in our people and our economies are immense possibilities and strengths which we can utilize to successfully meet to overcome the challenges before us”.
St. Vincent-Grenadines PM also stated that the Governor of ECCB Sir K. Dwight Venner presented to the joint meeting a review of the region’s monetary and financial systems as a consequence of the difficulties coming from the international economic crisis. Venner also affirmed the possible “downside risks” in the financial systems of the OECS region.
