ECCB Monetary Council Discusses Financial Conditions and Economic Outlook in the Eastern Caribbean Currency Union

Members of the ECCB Monetary Council and Governor of ECCB: (L-R) Honourable Dr Ellis Lorenzo Webster, Premier of Anguilla and Minister of Finance and Health; Honourable Gaston Browne, Prime Minister of Antigua and Barbuda, Minister of Finance and Corporate Governance Office; Honourable Dr Irving McIntyre, Commonwealth of Dominica Minister of Finance, Economic Development, Climate Resilience, and Social Security; Mr. Timothy N. J. Antoine, Governor of the Eastern Caribbean Central Bank; Honourable Camillo Gonsalves (Chairman), Saint Vincent and the Grenadines Minister of Finance, Economic Planning, Sustainable Development, and Information Technology; Honourable Joseph Easton Farrell, Premier of Montserrat, Minister of Finance, Regional Affairs, Tourism, IT, Culture and Access; Honourable Philip J Pierre, Prime Minister of Saint Lucia and Minister of Finance, Economic Development, and Youth Economy; Honourable Dr Terrance Michael Drew, Prime Minister of Saint Kitts and Nevis and Minister of Finance, National Security and Immigration and Social Security; and Honourable Dennis Cornwall, Grenada Minister of Finance.
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Basseterre, Saint Kitts and Nevis – The Eastern Caribbean Central Bank (ECCB) 107th Monetary Council Meeting was held on Friday, February 16th, under the Chairmanship of the Honourable Camillo Gonsalves, Minister of Finance and Council Member for Saint Vincent and the Grenadines. The meeting centered around the latest Report on Monetary, Credit, and Financial Conditions in the Eastern Caribbean Currency Union ECCU, delivered by Governor Timothy N. J. Antoine.

Members of the ECCB Monetary Council and Governor of ECCB: (L-R) Honourable Dr Ellis Lorenzo Webster, Premier of Anguilla and Minister of Finance and Health; Honourable Gaston Browne, Prime Minister of Antigua and Barbuda, Minister of Finance and Corporate Governance Office; Honourable Dr Irving McIntyre, Commonwealth of Dominica Minister of Finance, Economic Development, Climate Resilience, and Social Security; Mr. Timothy N. J. Antoine, Governor of the Eastern Caribbean Central Bank; Honourable Camillo Gonsalves (Chairman), Saint Vincent and the Grenadines Minister of Finance, Economic Planning, Sustainable Development, and Information Technology; Honourable Joseph Easton Farrell, Premier of Montserrat, Minister of Finance, Regional Affairs, Tourism, IT, Culture and Access; Honourable Philip J Pierre, Prime Minister of Saint Lucia and Minister of Finance, Economic Development, and Youth Economy; Honourable Dr Terrance Michael Drew, Prime Minister of Saint Kitts and Nevis and Minister of Finance, National Security and Immigration and Social Security; and Honourable Dennis Cornwall, Grenada Minister of Finance.

The meeting was attended by representatives from the various member countries namely Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines.

Governor Antoine presented the report, titled “The Big Push: Implementation for Impact in an Era of Elevated Uncertainty,” which offered a comprehensive analysis of the prevailing financial risks within the ECCU and outlined strategies to bolster economic growth. The report also posed a critical question: “What will it take to double the GDP of the ECCU?”

During the Meeting, the ECCU banking system was highlighted for its resilience and stability, characterized by a high level of liquidity, fiscal performance showed marked improvement in 2023, aligning with the broader economic recovery and positioning the ECCU on a trajectory toward debt sustainability, and across the ECCU, a positive growth outlook prevails, with the tourism sector anticipated to spearhead economic resurgence throughout 2024, building upon its pivotal role in 2023.

Prior to the official meeting, the ECCB Monetary Council engaged in discussions with the International Monetary Fund (IMF) Managing Deputy Director, Mr. Bo Li, and other IMF representatives. The dialogue centered on the progress and challenges within the Caribbean region, along with the policies offered by the IMF to support the region’s developmental goals.

The complete communique detailing the outcomes of the 107th ECCB Monetary Council Meeting is available on the Eastern Caribbean Central Bank’s website at https://www.eccb-centralbank.org/publications/communique.

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