Members of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) were given positive news about the regional banking system this week.
They were told that the Eastern Caribbean Currency Union (ECCU) banking system remains resilient and stable, with a high degree of liquidity.
The information came from ECCB governor Timothy N J Antoine, who was discussing his report on monetary, credit and financial conditions in the Eastern Caribbean Currency Union (ECCU) for 2023.
Titled, ‘The Big Push: Implementation for impact in an era of elevated uncertainty’, the report provided an overview of the key risks to financial stability within the ECCU.
It also assessed the risks’ potential impact in the near to medium term, while focusing on the question – What will it take to double the GDP of the ECCU?
Antoine informed members that fiscal performance had improved in 2023 in tandem with the economic recovery, placing the ECCU back on the path towards debt sustainability.
And, he said, the growth outlook remains positive across the board, with tourism expected to continue leading the economic recovery throughout 2024, as it did in 2023.
However, there are risks in the coming year due to a slowing global economy, along with geopolitical and inflationary pressures, his report added.
Montserrat attends
Montserrat’s premier Joseph E Farrell joined fellow members of the Monetary Council for its 107th meeting on Friday, 16 February, according to a press release.
The event took place at the ECCB campus in St Kitts and Nevis, under the chair of Camillo Gonsalves, finance minister in Saint Vincent and the Grenadines.
Other members include heads and ministers of finance of Anguilla, Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines.
The 108th meeting will take place on 26 July in Anguilla, immediately following the handing over of chair to Ellis L Webster, Anguilla’s premier and minister of finance.
More information on the report is available by clicking here.
