Governor of the Eastern Caribbean Central Bank, Sir K. Dwight Venner, has called on member states to create what he described as ‘common codes’ to deal with the challenges posed by the world economic crisis.
Addressing a business symposium and innovation forum via teleconference from the ECCB Headquarters based in St. Kitts on Tuesday, Venner said the crisis has been affecting the region for five years and counting and as a result has placed great strain on government’s financing.
“It is clear that all elements of our society, that our governments, the private sector, trade unions, civil society and the public at large must make common codes to deal with what can only be described as a monumental challenge for survival and progress,” he said. “The gravity of this situation can be assessed by the inability of the advance economies to take climb swiftly out of this crisis.”
He urged all countries in the region to “clean up their systems so that they can take advantage of the first signs of recovery”.
This means, he said, OECS member states must develop “a vibrant and innovative private sector to advance our economic and social development.”
“To do this we must first of all carry out a comprehensive surveys of the private sector to determine the sector’s capability to take on the role of the engine of growth,” he explained. “A restructuring and transformation of our private sector is now necessary to propel the economic growth of our countries.”
He stated that the structure of the regional private sector “needs to be turned around so that it is two-thirds formal and one-third informal and have a more balanced configuration of non-tradable and export oriented activities.”
“We will therefore have a starting point and long term goals so we know where we are and where we ought to be,” Venner remarked.
The forum, which was held at the ECCB’s Agency Office 3rd floor of the Financial Center in Roseau, was held under the theme ‘Identifying solutions to address business challenges in the OECS within the construct of a global economy’.
this culture of eloquence based on intangible ramblings where no institution promotes ideas but instead enslave the youth to those ridged ideologies of failed economic activity.
I find most people in the Caribbean with titles are the most difficult to understand, especially when they chose to play with the English language in a way where is makes absolutely no sense to anyone else but themselves.
“Venner said the crisis has been affecting the region for five years and counting and as a result has placed great strain on government’s financing.” Then he went on talking about some common code, and economy! He might be the only one who knows what he is rambling about relating to some common code .
Common code to me may imply; to put in or into the form or symbols of a code, or perhaps he is talking about a system of signals, or symbols for communication; one way or the other, he seems not to be on the same planet as the rest of the world. It is true that all of the islands are into tourism, and as a result when the season is off every island in the Caribbean with the exception of Trinidad will feel the effect of the off season.
How do we overcome our total dependency on tourism?
The answer is simple; and that is the industrialization of the islands, there is no other way, talking in a language that most people cannot understand does not help any situation. As for Dominica, our economic problems will never come close to a resolve until we build an International Airport, and move towards the industrialization of our country.
The only way the economy of Dominica will Change is when we have something to sell on the international markets; and I am not talking about agricultural produce, if our nation failed to become wealthy in the days when we shipped as many Bananas to England, in the 1950’s and into the 1970’s, and whereas some guy said a few days ago that Dominica could become the bread basket of the Caribbean, if our people kill themselves on the plantations, I simply laugh; because this guy is only grabbing to a floating straw going down stream on a overflowing river.
Agriculture is all but dead in Dominica.
When you talk about strain on government financing, you need to advise them that this strain will forever be; and the reason is because of our habit of borrowing from foreign nations such as China, we need to find a way besides borrowing to rise revenue, and the only way that will happen is through the industrialization of Dominica in particular.
Trinidad may have issues, however, not as severe as the rest of the islands; why? Apart from the Oil Filed’s of Trinidad & Tobago, there are lots of industries in Trinidad which exports commodities internationally. As recently as today, I bought some Trinidad; Angostura Aromatic Bitters in Los Angeles; this product can be bought all over the world, I bought the same in England, and Germany years ago.
We find products from Jamaica, and Barbados all over the world too, if you have nothing to sell (trade) in order to create foreign exchange,and a balance of trade you are actually doomed!
You need to talk industrialization to the people, rather than get involved in playing with the English language which is nothing more than a bunch of crap!
Francisco Etienne-Dods Telemaque
BRAVO VENNER I LIKE THAT ……. LETS CONDUCT RESEARCH TO FIND OUT THE CAPACITY OF THE PRIVATE SECTOR…. GOOD SUGGESTION…BUT NEXT QUESTION? Who is paying for the research and when will it be conducted? We talk a lot about research but we do not invest sufficiently in it. Most of our regional research institutions are starved for cash. Those who actually have funds receive them from donor agencies who often have their own agenda. THE RESEARCH NEEDS OF THE REGION SHOULD NOT BE DETERMINED BY EXTERNAL AGENCIES…….when are we going to put our money where our mouth is and INVEST IN OUR OWN RESEARCH ……develop technologies for our local conditions and engage the private sector as effective partners in this process ………….. TELL ME WHATS THE STRATEGY AND WHEN WE STARTING …..MR. VENNER
Venner; what is this!! there is no private sector. Govt controlling everything. Private sector cannot breathe. No service from govt. Private sector etc. just surviving by the skin of their teeth.
Those people do not even know their role; much less private sector.
I hear you, Sir, but this ain’t gonna work. Your advice is good but too late. Our economies are too small and too opened. Any economic gain made by our countries are used up in exportation of foreign reserves to satisfy our appetite for imported hoods. Additionally, regional Governments think there is a lot of money out there among the citizens and will do all it takes to tax us. You so, Sir, the systems we choose to follow are not giving enough slack to the private sector to innovate.
Size does not matter. Switzerland is smaller than Germany. We need to stop following communism and adopt the 10 commandment economic system, and our country will turn around.
How does the EC currency measure up to the canadian dollar, mexican peso or Japanese yen, dwight stop issuing banana republic money and give us some real weights and measures to do business in the eastern caribbean.
Dwight, u are head of the ECCB responsible for the monetary policies of the entire OECS and u asking us for common codes, why don’t u reform your monetary policies with direct emphasis on exported inflation of the US dollar. You not easy!
But how do you export inflate a currency and not affect inflation in the prices of imports? Since we are net importers, this strategy may well see our demise.
Dwight, we have skerrit accumulation of wealth at one pole and at the same time accumulation of misery, agony of toil, slavery, ignorance, brutality, and mental degradation at the opposite pole. Most people are more than ever on their own. Inequality in Dominica is unprecedented and growing. Hardship for Dominicans is rising.