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St. Lucia Prime Minister Kenny Anthony becomes Chairman of ECCB Monetary Council
St. Lucia Prime Minister Dr. Kenny Anthony. PHOTO/File
St. Lucia Prime Minister Dr. Kenny Anthony began his one year term as Chairman of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) pledging to addressing the main policy issues of financial stability, fiscal and debt sustainability and growth and competitiveness.
Anthony, who succeeded St. Kitts & Nevis Prime Minister Denzil Douglas, said that the Basseterre-based financial institution would continue to take a pro-active approach in addressing the vulnerability in the financial system and will accelerate the implementation of strategies for strengthening the resilience of the financial sector.
“In this challenging environment, members countries of the currency union have been pro-active in developing an approach to addressing the impact of the global crisis,” he said, noting that in 2010, the member countries signed the revised Treaty of Basseterre to establish the OECS Economic Union. The sub-regional countries including: Antigua & Barbuda, Dominica, Grenada, St. Lucia, St. Vincent & the Grenadines, St. Kitts & Nevis, Montserrat, Anguilla and the British Virgin Islands, signed the Eastern Caribbean Currency Union’s eight point stabilization and growth program as well as finalizing the strategy for work programme coordination in 2012.
Anthony said these arrangements would form the platform for addressing the many policy issues that would help stabilise the economies of the sub-region.
The Monetary Council is the highest decision making authority of the ECCB and comprises the eight Ministers of Finance of the ECCB member governments.
Anthony said that the ECCB would continue to protect investors and borrowers, adding ‘where instability and danger lurks especially in the face of unwise and imprudent corporate behavior we will not hesitate to act and protect and the stability of our shared financial space”.
He said on August 12, the ECCB assumed control of the Anguilla-based Caribbean Commercial Bank and the National Bank of Anguilla Ltd.
