Basseterre, St. Kitts (November 18, 2004): Eastern Caribbean Central Bank (ECCB) Governor Sir K. Dwight Venner said today that the importance of good policies cannot be overstated in nations with a narrow resource base and which are responsible for their own sustainability.
Governor Venner’s statement came at the 8th Annual Development Conference which started today at the Sir Cecil Jacobs Auditorium (ECCB). The focus of the meeting was "Sustainable Economic Policy in a World of Liberalised Markets".
He listed variables that are making it increasingly more important for small developing nations to consider the sustainability of national and regional programmes.
Venner explained that the new millennium has ushered in increases in terrorism, the volatility of the international financial system, the unpredictability of the outcome of trade negotiations and the continuing democratic deficit in the international system in general and financial institutions in particular.
Governor Venner added that these variables continue to highlight the vulnerability of our countries to external events and natural disasters.
He cited recent occurrences including Antigua and Barbuda’s change in regime after three decades, Dominica’s fiscal and debt shock and Grenada’s devastation by Hurricane Ivan.
Governor Venner said they pose significant questions regarding how small nations are to operate under circumstances which place the onus on the economy, the society and the polity to respond appropriately to maintain sustainability.
Three issues were outlined by Venner as defining factors in arriving at satisfactory outcomes. They include political governance, administrative competence and citizen choice.
