BASSETERRE, St. Kitts, May 25, 2018 - - GOVERNOR of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine has described the new Handbook of Small States as an advancement for policy making within those states.
The Handbook was launched on Tuesday (May 22) at the ECCB headquarters with editor, Prof. Lino Briguglio present.
With there being 56 small countries, which is more than one quarter of all sovereign nations, Antoine said it is only fitting that the launch of the Handbook of Small States be facilitated by the Eastern Caribbean Central Bank.
He noted that the institution represents eight small countries with a population of 630,000 and an economy of EC$19.1 billion (US$7.1 billion).
To this end, he revealed that small states are not highly vulnerable to external shocks but often have a more limited toolkit, at their disposal, to respond to these shocks.
“For example, where an exchange rate devaluation may work in a large state, that is often not a viable option in a small state given its supply constraints. However, a fiscal devaluation is often an essential component of an effective response.”
The Handbook of Small States without a doubt, Antoine said, is not merely a useful contribution but an advance for policymaking in small states
“Evidently, policymaking in small states is not easy. In the aftermath of theglobal financial crisis, and more recently the hurricanes of 2017, we have been dealt stark reminders that small states face existential threats from without and within."
“It seems to me, all these realities, make a strong case of small states exceptionalism; and who better to write on these issues that persons from small states.”
The Handbook is split into 10 sections, 30 chapters with 63 pages.
According to the book, its purpose is to “discuss issues relating to the economy, the environment and society of small states. The book contains 30 chapters, including the introduction with contributions by 64 authors and co-authors, writing on various topics relating to the title of the book, some of which have not been suitably explored before in the literature on small states.”