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Contact:
Claudia Monlouis
Wednesday, November 24, 2004 - Governor of the Eastern Caribbean Central
Bank (ECCB), Sir Dwight Venner has made a call for the region to subscribe to a
process similar to the European experience, in order to arrive at a common
currency and common central bank.
Sir Dwight made this submission in light of the region’s efforts to facilitate
the financial integration of both the OECS and CARICOM member states. He said
the process would be the key in mapping out the road ahead for the full
financial integration of the Caribbean region.
Addressing bankers at the Caribbean Association of Indigenous Banks’ Annual
General Meeting here recently, he commended the OECS for being at an advanced
stage of financial integration.
“The OECS through the eastern Caribbean Currency Union”, Sir Dwight said, “is
already far advance on the road to financial integration, one currency and
central bank, and a regional stock exchange; a regional government securities
market, a regional inter-bank market and a regional market for secondary
mortgages.”
Sir Dwight also highlighted several other regional entities which embraced the
integration concept. “Institutions such as the RBTT, FCIB, Sagicor, CLICO and
Grace Kennedy”, he said, “are already operating in a broad regional context. The
question then becomes: can these two manifestations of regional activities be
smoothly and effectively incorporated to provide an optimal solution to the
integration of regional financial systems?”
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