ECCB Regional Meeting
Chairman of the Board of Directors of NDB Mr. Anthony John says, the topic “The revised treaty of Basseterre” is very critical.
Mr. John says the treaty establishes the OECS economic union which will come into full effect in July 2013.
Governor of Eastern Caribbean Central Bank Sir Dwight Venner stated there needs to be discussions on what the implications are for having an economic union.
Mr. Venner added that by listening to the presidential debate in the United States, people might wonder if anyone was aware of the negative effects that the country was in.
He noted that there has been a tremendous loss of outlook between 2009 and 2012 because of the economy’s current state.
He says this year the United States will move towards what is called a “physical cliff”.
That is where the tax cuts will end, expenditure will cut in and if they do not avert this, this will cause recession for the United States.
Mr. Venner gave an example of a challenging question that bank employees may receive which is, “if someone came to the bank and asked for 2 million dollars in foreign exchange, should they give it to them?”
Mr. Venner says this is a continuous discussion and he would like to believe that this is just the start.