Presentation on ECCB 2008/2009 Annual Report
July 2, 200929 June 2009
Good evening fellow citizens of the Eastern Caribbean Currency Union.
I present to you in keeping with the transparency and accountability requirements of the Eastern Caribbean Central Bank Agreement Act 1983, a report on the Bank's performance for the financial year 2008/2009 and an assessment of the economy as we look forward to 2009/2010.
We are living in the best of times and the worst of times.
There have been very significant improvements in economic and social welfare over the last three decades. However, the global economy of which we are a part, has been beset by one of the deepest recessions since the Great Depression of 1929 to 1933. This has affected all of the nations of the international community to a greater or lesser degree, but the small and vulnerable countries, such as ours could be the most severely affected.
This situation could however present the opportunity for restructuring and transforming our economies which are experiencing continuous decreases in output and productivity.
Against this background, my comments will be presented in three parts:
1. The performance of the Eastern Caribbean Central Bank (ECCB) for the year 2008/2009;
2. The current economic environment and the major challenges facing the Eastern Caribbean Currency Union (ECCU); and
3. The response by the Currency Union Authorities to these challenges.
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