BASSETERRE, St. Kitts – THE newly-appointed Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine, has placed “financial stability” in the sub-region as his top priority area as he begins a five-year term, replacing long-standing Sir Dwight Venner.
Yesterday (Feb 1), during a press briefing, Antoine told media representatives in the Federation and their colleagues in other member states of the Eastern Caribbean Currency Union (ECCU), via linkup, that financial stability is key to the four strategic priority areas he has set out to achieve.
“Financial stability is at the top of the list for obvious reasons. That is a core function of the Central Bank.”
The three other areas of focus for the ECCB under Antoine’s tenure are fiscal and debt sustainability, growth competitiveness and employment, and enhancing organisational effectiveness.
“I am making the point that it can’t just be one. All of them are reinforcing because if you don’t have growth it will be hard to maintain financial stability over the long haul...you must have growth,” Antoine stressed.
He continued: “You must have fiscal and debt sustainability if we want to maintain a strong currency, and of course the bank itself must be positioned to deliver on these priorities. That is why we have the fourth one enhancing organisational effectiveness.”
Additionally, he disclosed that financial stability relates to both banking institutions and other commercial entities that operate in the financial sector.
He believes that they are all related in the financial sector since one cannot do without the other.
“What I see is a complete line of sight that allows the Monetary Council to see the entire financial system, bank and non-bank. Of course the Central Bank's role is on the commercial banks, not on the non-banks. But we must see the complete picture because as was with Clico, they are inter-connected. Insurance companies are connected to banks, banks are connected to credit unions, and if we ignore one the chain is as strong as its weakest link.”
Antoine noted that this is a new vision and era for the institution, pointing out that the bank would work with governments to create employment opportunities for the youths in the sub-region.
“We want to see people employed. We are particular concerned about our youth and we understand that if we don’t reach out to our youth and gainfully employ them and educate them and provide them with opportunities, we will lose a generation.”
As such, Antoine stated that he would implore governments to provide favourable conditions for small enterprise in their individual jurisdictions.
Export credit guarantee and leverage clouting to assist small businesses are some areas under consideration as development plans for job creation.
Antoine is the third person to be appointed Governor of the ECCB since established in October 1983. He took office yesterday and had met and held discussions with staff of the financial institution.
