Found at: http://www.anguillaguide.com/article/articleprint/5615/-1/140/
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Review of Economy Of ECCU
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Governor of the Eastern Caribbean Central Bank since 1989, Sir K Dwight Venner, gave a review of the economy of the ECCU on Tuesday, January 22 at 8 pm. The discussion was intended to inform ECCU residents about important economic and financial issues which affect their everyday lives and the future of their countries.
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Superintendent Proctor, Sergeant Yearwood and Inspector Sinclair
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Immediately following the broadcast, a cross-section of persons from the member countries, linked through the use of video-conferencing technology, engaged the Governor in discussions on the issues arising from the presentation. Radio and television audiences across the OECS tuned into the discussions. Questions were asked from Antigua, Anguilla, St. Lucia, Montserrat, Grenada, St. Kitts and Nevis, Dominica and St. Vincent and the Grenadines.
Members of the Anguillian community attended the teleconference at the ECCB’s office in the Fair Play Complex. Ian Ferguson, CFO of the National Bank of Anguilla, and Timothy Hodge, Director of Social Security, were invited to add to the discussion with the Governor of the ECCB. Sir Venner explained that it is customary at the beginning of the year to give a review and added that we are entering a period of uncertainty. He mentioned that three things have affected the economy in an adverse way: the increase in the cost of oil, the increase in the cost of food (more specifically wheat increased by 80%) and the slide in the US dollar worldwide. The challenges that the region will be confronting have their origins in the international market and environment but Sir Venner affirmed that it does not mean that we cannot confront them head on.
Questions from the many countries ranged from issues such as the imminent recession, the subprime economic tornado, people living on credit, the decline in the US dollar and more. One radio personality and Calypsonian, from Dominica, named Alex Bruno asked the Governor to summarize his speech for the children in the audience and on the airwaves to which Sir Venner replied that he had been all over the Caribbean, was highly impressed with the level of education of the youth and was certain that they had the brain capacity to understand his speech. Nevertheless, he decided to give a quick summary in which he said that “although there are many problems externally, it does not mean we cannot handle it so I urge everyone to not panic. We have to find our own unique ways in dealing with them.” If persons are interested in seeing the full report, it will soon be placed on the ECCB website.
-Jason Allen