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ECCB ANNUAL REPORT 2016/2017
business and financial training and coaching;
developing an Entry Level Tier Market for firms on
the Eastern Caribbean Stock Exchange; and enacting
legislation to govern the operation of investment
funds. Some of these deliverables are being executed
under The World Bank’s FIRST Initiative Project and
through collaboration with the German Savings Banks
Foundation for International Cooperation.
The Payment and Settlement System also plays a
significant role in the maintenance of financial stability
in the ECCU. It is therefore important that the Bank
develop and operate a system that is not only efficient
and liquid but also one that responds to the latest
technological innovations. To this end, work is being
finalised for the implementation of the Electronic
Funds Transfer (EFT) phase of the Eastern Caribbean
Automated Clearing House (ECACH) project, which
should be fully operationalised by the first quarter of
2018.
SUPPORTING HIGH SUSTAINED GROWTH,
COMPETITIVENESS AND EMPLOYMENT
The Bank recognises that achievement of its primary
statutory objectives of financial and monetary stability
could only be realised effectively in an environment
characterised by a high and sustained level of growth.
While growth has returned in the post global financial
crisis era, it has been lower than the growth trend in
the past. In addition, the ECCU countries continue
to lag behind other comparator countries in terms of
the performance of competitiveness and productivity
indicators. It is therefore imperative that the Bank
continue to engage member states on the issue of
revitalising and returning the sub-region to a sustained
high growth path. This should result in improved
macroeconomic indicators such as the unemployment
rate, fiscal and debt balances and an overall standard
of living of citizens.
During the financial year, the Bank played a critical role
in supporting and promoting growth initiatives through
advocacy, policy research and specialised direct
interventions. The ECCB and the OECS Commission
signed a Memorandum of Understanding (MoU) to
establish a more effective framework for collaboration
to develop a plan of action for addressing low growth
and declining productivity in the sub-region. The
MoU is also to be used as a vehicle to facilitate inter-
institutional coordination of responsibilities under the
Revised Treaty of Basseterre, especially as it pertains
to the establishment of the Economic Union Protocols
–A Single Economic and Financial Space.
In terms of policy research, the Bank executed a
comprehensive research programme which resulted
in the publication of two volumes of working
papers covering policy issues related to growth and
competitiveness, and monetary and financial sector
stability.
TheBankplayedacritical role insupporting
and promoting growth initiatives through
advocacy, policy research and specialised
direct interventions.