Consultative and Networking Meetings Objectives Objectives Current Initiatives Meetings

1) To regulate the availability money and credit;
2) To promote and maintain monetary stability;
3) To promote credit and exchange conditions and a sound financial structure conducive to the balanced growth and development of the economies of the territories of the Participating governments;
4) To actively promote through means consistent with its other objectives the economic development of the territories of the Participating Governments.

Article 7 (2) of the ECCB Agreement 1983, prescribes that “the Council shall meet not less than twice each year to receive from the Governor the Bank’s report on monetary and credit conditions and to provide directives and guidelines on matters of monetary and credit policy to the Bank and for such other purposes as are prescribed under this Agreement.” Under the current policy formulation framework, the Council meets three (3) times per year.

Article 8 (1) articulates that “the powers of the Bank shall be vested in the Board of Directors which is responsible for the policy and general administration of the Bank.” Under the current policy formulation framework, the Board meets five times per year.

Critical therefore, to the ECCB’s successful execution of its mandate, are the management and coordination of policy issues relating to the Meetings of the Monetary Council, the Board of Directors, and the external meetings with the networking and consultative groups which are outlined below.
The external meetings are delineated as follows:

1. CONSULTATIVE MEETINGS:
· Financial Secretaries
· Regional Debt Coordinating Committee (RDCC)
· Debt sub-committee
· Banking Committee
· Private Sector Consultative Group (PSCG)
· Attorneys General
· Heads of ECCU Policy Units
· Financial Sector Regulators

The discussions at the meetings are hinged on the Bank’s monetary policy focus delineated as follows:
· The Exchange Rate
· Money and Credit
· Financial Sector Stability
· Money and Capital Market
· Development.

	To co-ordinate the operational aspects of the Eastern Caribbean Currency Union
	To provide feedback on the implementation of operational issues.
	To serve as the forum for co-ordinating regional projects like the Eastern Caribbean Economic
	Management Programme (ECEMP) and the Structural Adjustment Technical Assistance Programme (SATAP)
	To exchange views and information on economic management in the ECCU member countries.
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	To facilitate the continued development of the Regional Government Securities Market (RGSM)
	To monitor the operations of the RGSM and regulate the conduct of market participants to promote the efficient functioning of the market.
	To monitor and review member governments’ overall debt positions and advise governments on effective debt management strategies.
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	To provide technical advice to the RDCC on matters pertaining to debt management.
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To discuss policy and operational issues related to developments within the financial sector.

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	To provide a forum to discuss the policy mix required for the efficient and sustainable development of the ECCB member states.
	To allow for input of the private sector on the main policy issues through dialogue on:
	i	The role of the private sector in the development of the economies.
	ii	Issues affecting the private sector in relation to monetary and credit policy.
	iii	Measures necessary to promote growth and development.
	iv	Issues relating to the maintenance of the stability of the exchange rate, including wages, prices, productivity and competitiveness.
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	To provide a forum to discuss legislative and regulatory issues which impact on the financial and economic development of ECCB member states.
	To facilitate the speedy passage of financial legislation in member states.	Topˆ

Heads of ECCU Policy Units

	To discuss issues related to the development and implementation of policy at the national
	level and their consistency with the monetary policy objectives. (The current focus is on the Structural Adjustment Technical Assistance Programme (SATAP) and the Fiscal Reform Programme).
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Financial Sector Regulators

	To discuss efforts geared towards the provision of a comprehensive oversight and regulatory framework for the enhancement of the ECCU financial sector.
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Networking Meetings

	To develop programmes and systems for improving the operations of the Accountants General Departments.
	To co-ordinate technical assistance, training programmes and regional projects that will improve the operational efficiency of the Accountant General’s Department.
	To develop a regional network of Accountants General	Topˆ

	To develop programmes and systems for improving the operation of the Public Sector
	To co-ordinate technical assistance, training programmes and regional projects related to the budgetary system.
	To develop a regional network of Directors of Budgets.	Topˆ

Directors of Audit

	To discuss issues related to the transparency; and the accountability of ECCU governments fiscal operations.
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Comptrollers of Inland Revenue and Comptrollers of Customs

	To develop programmes and systems for improving the operations of the Inland Revenue and Customs Departments.
	To co-ordinate technical assistance, training programmes and regional projects that will improve the operational efficiency of the Inland Revenue and Customs Departments.
	To develop a regional network of Comptrollers of Inland Revenue and Customs.
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Directors of Planning and Statistics

	To enhance the coordination efforts of the Planning and Statistical Departments, particularly to
	strengthen the statistical capacity, and develop strategies for the preparation of the Medium Term Economic Strategy Paper (MTESP) and the Public Sector Investment Programme (PSIP).
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Development Banks

	To provide a forum for discussion that assists the Development Bank in its role as funder of viable productive enterprise projects in the local community.
	To assist in the clarification of the role and structure of the Development Bank in the globalised environment.
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Social Security Systems

	To provide a forum in an effort to develop strategies to enhance the long-term viability of the Social Security Systems.
	To foster national and regional debates on Social Security Reform.	Topˆ