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On 1 October 2008 the
Eastern Caribbean Central Bank (ECCB) will be celebrating
the 25th Anniversary of its establishment, a milestone
which causes us to reflect on the past and look towards
the future. As many of us will recall, twenty-five (25)
years ago the ECCB, successor to the East Caribbean
Currency Authority (ECCA), began its humble operations
in Church Street, Basseterre after the signing of the
ECCB Agreement by Antigua and Barbuda, Commonwealth
of Dominica, Montserrat, Grenada, St Kitts and Nevis,
Saint Lucia and St Vincent and the Grenadines.
The evolution of the ECCB has been well
documented, but there are some events and facts which
need to be highlighted in order for us to appreciate
the progress which has taken place over the twenty-five
(25) years. Included are: |
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The Government of Anguilla
becoming a full member of the ECCB in 1987; |
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The setting up of the Agency Offices
in the seven countries outside the host country, St Kitts and
Nevis from 1984 – 1991; |
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The ground-breaking ceremony for
the erection of the first phase of the ECCB Headquarters in
1991, and the opening ceremony of the same in October 1994; |
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The establishment of a Security
Force in 1994; |
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The establishment of the Eastern
Caribbean Home Mortgage Bank (ECHMB) in 1994; |
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The launching of the Eastern Caribbean
Institute of Banking and Financial Services (ECIB) in 1996; |
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The ground-breaking ceremony for
phase two of ECCB’s Headquarters, which included the construction
of new office buildings, an auditorium, a cafeteria and staff
facilities in 1997; |
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The opening ceremony of the Auditorium
and Conference Centre in 1999; |
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The approval by the Monetary Council
of the draft Eastern Caribbean Securities Regulatory Commission
(ECSRC) in the year 2000; |
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The renaming of the Auditorium
in 2002 as the Sir Cecil Jacobs Auditorium in honour of the
ECCB’s first Governor; |
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The launching of the Regional Government
Securities Market (RGSM) in 2002; |
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The Bank’s restructuring
exercise to increase the efficiency and effectiveness of its
operations in 2002. The new organisational structure reflected
the main functional activities, namely Governance, Policy, Operations
and Administration; |
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The first interactive discussion
across the Bank’s member countries presented and led by
the Governor on the performance of the Eastern Caribbean Currency
Union (ECCU) economy in 2005; |
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The use of a videoconferencing
facility with links throughout the Caribbean, connecting with
Washington DC, London, Africa and India; |
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The retirement of the first Deputy
Governor of the Bank, Mr Errol Allen, after thirty-one (31)
years of distinguished service to the ECCB and its predecessor
ECCA, and the naming of the building housing the Executive Dining
Room, Staff Cafeteria and Facilities in his honour in 2005; |
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Opening of OECS/ECCU Exhibition
Centre in 2006. |
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The appointment of the second Deputy
Governor, Mr Trevor Braithwaite in 2006. |
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The implementation of public education
and awareness programmes, including the Savings and Investment
Courses in all eight ECCB member countries. |
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the ECCB has made a positive impact on the lives of the people
in the ECCU over the twenty-five years of its existence, particularly
in the areas of monetary and financial stability; maintaining
the exchange rate peg at EC$2.7 to US$1; analysing, monitoring,
reporting and providing policy advice to commercial banks and
participating governments; and providing economic and financial
information to the people of the region.
Twenty-five years is a short time in the life of any establishment,
but it is the beginning of the road to progress and prosperity
if the proper groundwork is laid and the persons concerned
have the will and foresight to continue what is good, and
build on the foundation which has been laid. There will be
many challenges over the next twenty-five years as we continue
to keep abreast of ever-changing worldwide developments. Let
us persevere and reaffirm our commitment to help unlock the
potential for economic and social development in our people.
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