ECCB
ANNUAL REPORT 2014/2015
16
EASTERN CARIBBEAN CENTRAL BANK
The OECS Business Council (OBC)
The OECS Business Council, which was incorporated
in St Kitts and Nevis in 2012, was established to serve
as a representative body for the private sector in the
OECS.
During the financial year, the ECCB assisted the
Business Council in the finalisation of its Strategic
Plan which will guide the Council in its operations and
goals. The Council has formally introduced itself to
the OECS Commission and the CARICOM Secretariat
and met with regional and international stakeholders
and partners. The Council provided input into the
OECS Regional Partnership Strategy (RPS) of The
World Bank and was charged with some responsibility
for The World Bank’s Caribbean Growth Forum
initiative in the member states.
During the financial period, the Council established
its permanent Board of Directors, with Mr Gordon
Charles of Saint Lucia, as Chairman, and embarked
on plans to establish its operations protocols.
THE BASIS OF POLICY
R
esearch
The research programme for 2014/2015 revolved
around the Bank’s four main policy themes:
1. Financial Stability;
2. Growth and Development;
3. Fiscal and Debt Sustainability; and
4. Monetary Policy in a Quasi-Currency Board.
The following papers were initiated and/or completed
during the period, to inform policy discussions by the
Bank’s management, the Board of Directors, and the
Monetary Council:
a. The Three-pronged Growth Strategy: An
Elaboration;
b. Federal Reserve Tapering and Foreign Assets;
c. The Impact of the Global Financial Crisis on
ECCU Households: An Initial Analysis;
d. Gold Book – ECCU Anecdotal Report: Energy
Developments – A Comparative Analysis of
Electricity Markets in the ECCU;
e. Blue Book – The Minimum Savings Rate as an
Instrument of Monetary Policy;
f. Benefits of the ECCU Exchange Arrangements;
and
g. The Adoption of the Mount Belvieu and US
Gulf Coast Price Benchmarks for Fuel Products
in the ECCU.
Additionally, the following research papers
contributed to an enhanced understanding of the
economic environment of ECCU member states,
and as such created valuable information which can
provide support to policy deliberations:
The ECCB assisted the Business
Council in the finalisation of its
Strategic Plan which will guide the
Council in its operations and goals.
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