Premier Ellis Webster became the new chair of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) this past week.
The ceremony to mark the change in chairmanship took place on Friday, 19 July, at the Aurora Anguilla Resort just before the 108th meeting of the council.
During the event, ECCB governor Timothy Antoine said: “It is a time honoured tradition in every July to rotate the chairmanship of the Monetary Council and we do so today.”
He thanked outgoing chair Camillo Gonsalves, minister of finance in St Vincent and the Grenadines, for his commitment and stewardship “in what has been another challenging year”.
During Gonsalves’ tenure, he said, the council made several important decisions that supported monetary and financial stability and advanced its legislative and transformation agenda.
He then welcomed Webster who gave thanks to everyone for attending the ceremony, saying: “If this is your first time to Anguilla, welcome to paradise. If you’ve been here before, welcome home.”
‘Duty and humility’
The premier continued: “Today, I have the distinct honour to assume the chairmanship of the Monetary Council.
“I do so with a sense of duty and humility, acknowledging the council’s indispensable role in the governance of our currency union and its monetary and financial stability.
“I wish to thank the outgoing chairman, honourable Camillo Gonsalves for his leadership at a juncture where member countries were navigating significant challenges.
“His tenure came on the heels of the Covid-19 pandemic, high inflation, increased debt and economic uncertainty, but he leaves the Eastern Caribbean Currency Union stable and the EC dollar strong.”
Webster said that under his chairmanship, the Monetary Council will provide strong support for the bank’s execution of its core mandates.
Key priorities will include the credit bureau to improve the ease with which people in the eastern Caribbean access finance, he added.
The credit bureau is scheduled to go live in September in Antigua and Barbuda, Grenada, St Kitts and Nevis, and St Vincent and the Grenadines.
Anguilla, Monsterrat and Saint Lucia are expected to come on board later in the year, Webster said.
The establishment of an office of financial conduct and inclusion to address financial market conduct will be advanced, he said.
And work will continue on the regional standard setting body which will be responsible for designing and issuing standards for the non-bank financial sector across the eastern Caribbean.
“Let us make the next council year one of strong cooperation and collective action. Together, let us advance our agenda for the resilient prosperity of all the people of our currency union,” he concluded.
The event also included prayer, the playing of the national anthems of the member countries, steel pan music, school band music and a flag display.
Watch the ceremony in full below:
