Published On: Tue, Jul 25th, 2017

Sarah: How long will we have monetary union?

Sarah Wescot-Williams 20170330 - HHGREAT BAY—Leader of the Democratic Party Sarah Wescot-Williams is questioning how long St. Maarten and Curacao will maintain the monetary union. She raised the issue after government and parliamentary officials were given a tour of the renovated Central Bank branch in Philipsburg last week, which is to be officially dedicated within short. “The building has been modernized and is much better suited for its purpose than before. That it can now house a staff of 17 members and that active recruiting will start was also welcomed news. This announcement however prompted me to ask for an update regarding the financial training institution that the CBCS was supposed to initiate, a commitment made to me during my tenure as prime minister. This plan is still on the table, I am told,” Wescot-Williams said. “That the CBCS top is also amenable to a proposal to spread the bank’s operation more equitably amongst the two monetary partners is also commendable. All the above however, in my opinion makes it critical that the two partners (St. Maarten and Curacao) also reach an agreement regarding how long this union will at least be kept for and whether the lessons with this institution of the past seven years will be heeded going forward,” she added.

The DP leader argued that the fate of the monetary union should not be left up to the “political winds of the day”, but now that calm seems to returning to the operations of the bank, the future of the monetary union must be discussed. “Where it was thought that aligning the monetary and fiscal policies of the 2 countries would be the biggest headache, it is issues like the appointment of the supervisory board members of the Bank, which while on paper seem like a no-brainer that is a challenge,” Wescot-Williams contended.