EASTERN CARIBBEAN CENTRAL BANK ANNUAL STAFF DINNER CHRISTMAS MESSAGE by Sir K DWIGHT VENNER Governor St Kitts Marriott Resort Frigate Bay Saturday, 05 December 2009 7:30 pm
Dr the Honourable Denzil Douglas, Prime Minister, invited guests, management and staff good evening. I would like to welcome you all to our Annual Christmas Dinner to celebrate what has been a truly momentous year. The year 2009 will be remembered for the challenges the Currency Union faced and came through with a stronger sense of purpose and a reinforced sense of commitment to the vision and goals we have set for ourselves. The global financial and economic crisis has had a marked and negative impact on the growth of our economies and government revenues. There was also a decline in tourist arrivals and expenditures, remittances and direct foreign investment. Activity in the construction sector in most of our islands has fallen significantly and there has been an increase in unemployment. These events were compounded by crises in our financial sector with the near-collapse of the Bank of Antigua and the difficulties experienced by the CLICO and British American Insurance Companies. Our governments, at both the national and OECS/ECCU levels have responded admirably with the very limited resources they had at their disposal. There has always been in this region, and particularly since the uprisings of the 1930s, a very strong and resilient strain in our societies which is strongly manifested in the determination to take care of those who are under-privileged and most in need. This time has been no different. What highlights this period in the OECS and the Eastern Caribbean Currency Union has been the collective actions we have taken and the way in which we have used our 1
institutions created by the Treaty of Basseterre and the ECCB Agreement to successfully address our main challenges up to this point. The response began on 15 and 16 January 2009 when the first ever Joint Meeting of the Heads of Government of the OECS and the Ministers of Finance of the Monetary Council of the ECCB met here in Basseterre, symbolic home of the Treaty of Basseterre at the Headquarters of the ECCB. As a result of that meeting, innovative, institutional arrangements were experimented with and subsequently formalised to respond to the crisis. Over time, an Eight Point Stabilisation and Growth Programme evolved as a major response to the crisis. We have learnt to work much closer together than we have ever done before and this augurs well for the future. It is therefore fitting in recognition of the hard and innovative work we have done, and for its historical significance, that we will be signing the new Treaty of Basseterre to advance our integration arrangements to an Economic Union on the 29 December 2009 at the ECCB Headquarters at precisely 5:00 pm. This symbolic occasion will give us the strength of purpose, fortitude and the vision to face the challenges of 2010 which, by all accounts and projections, will be another challenging year. However, despite all of the major immediate challenges, our fundamental issue still is the transformation of our economies into a single economic and financial space which is diversified, resilient, adaptive, innovative and internationally competitive. 2
We must create a vision of the OECS as an area of peace, prosperity and tranquillity where the environment is protected, pristine and clean. It must be a place where access to education, health, sporting and community facilities of high quality must be open to all; and where opportunities for careers in politics, business, administration, science, arts, culture and sporting activities are available to all citizens. We must aim to have the respect of the wider region and the international community for our success in creating government and governance structures for a multi country state, the competitiveness of our private sector, our social cohesion and our commitment to excellence. At the ECCB, we have learnt some tremendous lessons over the past year. Specifically, we have learnt how to manage major crises, how to coordinate and implement policies at the political, technical and administrative levels, and how to manage technological advances. We have fully accepted the fact that despite our location in St Kitts and Nevis, one of the smallest states in the international community, that we have to attain and maintain international standards if we are to be successful in a globalised world. This is by no means an easy task. It requires discipline (getting to work early on a consistent basis), perseverance (sticking to a task or project until it is successfully completed), curiosity (always seeking new information and new ways of doing things), and the constant striving for excellence. It is for these reasons and others, for example, the pleasant and helpful attitude displayed by the staff, that this institution is so highly regarded in the international community. We are also very much a family, which is highlighted by the After School Programme and holiday programmes for our children, and the loving eye which 3
Mrs Dulcie Richardson keeps over us all in good times and bad. What she means to this institution cannot be adequately expressed in words. Two recent events also highlighted the closeness and compassion of the staff of this institution: Firstly, on the passing of Mr Everson Browne, one of our staff members, almost the whole Bank turned out to his funeral service at Dieppe Bay. I was very touched by this show of compassion and solidarity with Mrs Browne and her family. Also, when our Managing Director, Mrs Jennifer Nero, and Mrs Avonel Ruan took ill and spent long periods away from the Bank, everyone felt their absence and welcomed them back in a very touching way. Welcome back Jennifer and Avonel, we are so happy to have you back. I hope you will forgive me if I say how proud I am of the staff of this institution. After being here for twenty (20) years it gives me so much pleasure to see how so many people have grown in stature and become highly competent, responsible and self confident individuals and team players. God bless you all. You are a credit to the Bank and the region. As usual I have a quotation for you. This one is from George Schultz: It all boils down to two questions. Are we operating with excitement and passion? Do we respect and support each other? If so, we re going to excel. 4
Have a Merry Christmas and a bright and prosperous New Year. THANK YOU. GOOD NIGHT. 5