“St. Lucia must lead” – New ECCB governor

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unnamedPRESS RELEASE – The Governor of the Eastern Caribbean Central Bank Mr Timothy Antoine addressed members of the Chamber of Commerce on November 4th 2016. Mr. Antoine’s address was entitled “A New Vision for a New Era: 2016-2020 and Beyond, Saint Lucia Scorecard.”

The Business community came out in large numbers for the Luncheon presentation int. Mr. Antoine expressed his excitement and pleasure at speaking to the St. Lucia business community for the first time.

In his presentation Mr. Antoine spoke to his vision of the ECCU which includes having a strong EC dollar, a strong and resilient financial system and single digit unemployment rate in the Economic Union. The presentation also discussed how St. Lucia stands in terms of the foregoing indicators and others in comparison to the rest of the ECCU.

Mr. Antoine reminded the audience of the ECCB’s target Debt to GDP ratio of 60% and a target growth rate of 5% per annum, which currently very few ECCU members were achieving.

Mr. Antoine’s presentation was well received as it was extremely informative and brought to light many important issues which he proffered that St. Lucia, as the largest economy in the union needed to take the lead on to ensure the success of the Easter Caribbean Union. Among these were, legislative reform, including in the areas of foreclosure legislation, deposit insurance and fiscal responsibility legislation among others.

Mr. Antoine concluded his address with an interactive question and answer session and his parting admonishment was “St. Lucia must lead”

 

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One comment

  1. An explanation of the relationship between government financial behaviour and the role of the ECCB would have been thrice a blessing than just expatiating on matters the commercial sector behaviour has very little influence on. That was a sorely missed opportunity. It is like having placed the cart in front of the horse and expect to whole thing to move forward.

    Obviously, except for private borrowing, the national debt to GDP ratio is not controlled by the private sector, when each of the signed multi-milion CIP arrangements in effect, INCREASES government's financial and national debt obligations.

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