Two local economists have given diverse views on the vote by Britain’s exit the European Union (EU).
Commonly known as Brexit, the British people voted in a referendum 52 – 48 percent on Thursday, to leave the EU.
McCarthy Marie said it is a bit it too early to say whether it will have any positive or negative impact on Dominica. However, he believes the move could have some benefits for the island. On the other hand, Dr. Thomson Fontaine thinks aid packages from the EU, such as the Banana Accompanying Measures (BAM), will be impacted.
Both men spoke to DNO on Friday.
Marie said now that the British people will be in charge of their own money and their own aid, they might develop better relationships with the rest of the countries in the Commonwealth including Dominica.
“We might be able to get additional aid by negotiating directly with the Foreign Office in the UK…,” Marie explained. “That is a possible outcome for us.”
Fontaine believes aid packages such as BAM will be impacted and according to him, the impact will also be felt on the exchange rate, not only of the British Pound but also of the Euro.
“Because Dominica is receiving this assistance in Euros and now that the Euro is much more weakened against the US dollar, and our EC dollar is pegged to the US dollar, what it means is that we will get less money now for the same amount of EU aid,” Fontaine explained. “The fact that the Euro is now weakened, it means that $1 Euro is now worth about $2.60, so that means for the same amount of Euro for that $10 million in Euro assistance, we will only be getting $26 million. It could go down further…”
He noted that Dominica has very little export to the EU market, so most of the impact will be felt through those aid linkages.
Prime Minister, Roosevelt Skerrit, has already said Britiains decision to leave the EU will have an impact on Dominica which depends heavily on foreign aid.
You have no idea what The implications are for ,GB leaving the EU, GB is divided. , and all you can think about is the impact this will have on your hand outs. what about the impact this will have on our families and their jobs. You have been giving handouts from all over the world, elections were only on the 23rd and and by the 24th you are worrying about the impact this will have on Dominica , please note we also have hard times I. G,B and we have to pay taxes and national insurance and we have to work hard for what we get, we don’t have the luxery of green sea and sunshine all year round , let GB sort out there problems before we can start helping others, if G B falls flat is Dominica going to send us an handout , when families have no jobs or home and they are living on the street, how much money to we have to keep giving to rebuilt Dominica
WHEN the English elect a prime minister that does not mean he is clever but he can face critizen.The English said you are not good enough move ! so simple, the fact is the prime minister is not head of state. Don’t improve your standard and you are left behind. When you hear of suicide bombers, he think of ,eygypt,syria,Pakistan and so on, now they are all over the place because of Eu.KEEP THEM in the middle east where they belong. EU MORE SHOULD leave before it is too late
Human being are really troublesome: Why give yourselves so much stress, it has happen before and it will happen again, a few more countries will pulled out and we will still survive. Babel Tower or “confusion” they are all there, read about it. Companies breaking up, family divided, so what is new. Its all down to profit and lost. when you get to a no entry you find another way out. We just have to do it. Give,give,and give, when you stop giving it turns to hate.
Skerrit if very right this time..the conservative party had very few goals to come out of the european union;one they wanted by all means to remove the Labour party by having a vitriolic campaign,two they wanted to get a grip on immigration with lies after England wiped out many countries from their wealth ;such as Africa and the west indies.3rd. they promised to upgrade the NHS then one day after Farage who represents the leave campaign and Boris who was the ex major of London are now no where to be found,,because they had no plan in place before the exit..Farage said one day after the vote ;sorry I made a mistake I cannot promise to curb immigration ,he new very well he told a lie to the nation,now many people of all ages say this is the biggest mistake they did in their lives by voting leave because they were duped by the opposition party..The stock market have lost millions all over the world in a few days,while Scotland is planning to get out of England then join the EU.
England on its own will not fair as well. Note I did not say the UK, I said England. Just like the those Provencal xenophobes who voted take the UK out of the EU, the Scots will now vote to leave the UK and become part of the EU. When this happens the folks in Northern Ireland will start the buzz about leaving to become part of EU. This exit is Trumpism realized. Those old English fogies want to take there ball and go home because they are no longer able to rule the game. They like Trump long for the good old days. Well, the good old days aint coming back.
Is there a desire to stop depending on foreign aid, Is there a plan to stop depending on foreign aid. Is Dominica always to depend on foreign aid, Does anyone think of these things.
There is no island in the Caribbean that is capable of taking care of itself. No foreign aid leads to higher taxes. Would you like to pay more taxes?
England were also responsible for their own aid in addition to the monies given as aid by the EU. For example, the £300,000 of aid given in the form of humanitarian aid after Erika. Just saying..
Don’t worry my bro, what u say is very true. U see these people are always coming with their preconceived ideas especially when they are hanging out with those who have eyes that can’t see
for once I hear Thompson make some sence.
tell your people that.
those who cant understand wat the prime minister said.
all u hear it from all u own now
The photo doesn’t look celebratory to me. They look like they are in shock and disbelief!
The most sensible speech Dr. Fontaine has ever made on local media.
I refuse to accept your piffle and asinine comment….From high school,this doctor has always been famous for his sensible analysis of events,locally,regionally and internationally…HE IS A BRIGHT GUY!!!!
cont..
years from now they will still be complaining and searching for a place of refuge or a person to make it great again for them.My advice to you Brits,Yankees and all others that thinks the answer is in a person or a place or a thing,I’ve got news for you’ll.Stop kicking against the prick,as JEHOVAH told the apostle Paul.You’ll can’t fight GOD and win.eh,eh. Somewhere in the middle of the migrant crisis.one of the migrant from Africa said on the news that GOD sent them to Europe,he might have been talking ignorantly.But I know that’s the big GOD that I serve,HE works in mysterious ways..OH GLORY TO HIS NAME..And so,once again we have another example that HE control things,not Obama,not Putin,not Trump,not Hillary,not Skerrit,not queen Elizabeth etc. They will only find the answer when they find HIM. Hurry guys time is running out.
Mr Marie you forgot that Dominica was a former colony of Britain…And you talking like it was a good time back then…With that said I believe the lesson to learn from what happened is that there is no paradise on earth..at lest not right now..That will happen when YESHUA (JESUS) the SON of the MOST HIGH GOD returns..When the EU surfaced many thought that paradise had arrive. Even the late Rosie Douglas talked of having France bring Dominica in because of our location between Guadeloupe and Martinique..And alas, look what’s happening..it’s just the beginning..People there’s no where to run that can hide one from JEHOVAH..HE,GOD, said there will be no peace nor rest for the wicked Isaiah 57:20&21. And HIS definition of wicked is different from ours.To us the leader of North Korea or even ISIS ,what they’re doing that’s wicked..But the wicked are those that reject what HIS SON did on their behalf at Calvary. And so, they got into the EU,they will get out off the EU and 5,10,15…
and tosay that Uk has alot more economist who studied the impact and felt is best the Uk leave that is wrong, alot of the banks have already started making changes some of their staff will be relocated to other European nations so in some circles it will impact negatively on other fronts it may be a positive we have to wait and see, for sure alot of businesses would have preferred to stay I know for sure the english premiere league supported stay.majority of the older folks voted leave majority of the younger folks voted stay
It is Britain that has left the EU, not Dominica. BAM aid is international funding from the EU and is received by small nations globally. To state the Brexit vote will impact this is ignorant and small-minded.
Here we go again, if depends on who supports who. Dr. Fontaine supports the blues, therefore he will have a different opinion to Marie who appears to support the Reds. Tony will give a positive report, Linton will give a negative report. Isn’t about time this country sing from the same hymn sheet. The whole world agrees this action by the United Kingdom will affect the world, however, Dominica is different, politics dictates how we thinks, not the reality of the situation.
Typo; how we think.
I believe that Britain will regret this move.Already there are financial rumblings about this racist overreacting by the British.Also note that Scotland,where the Oil money England enjoyed wants to exit Britain and join the EU,think how much of a hit England will take.Also Ireland voted to remain in the EU,so England stands alone.The best thing England can do is get rid of the monarchy,it’s wasteful and hasn’t got much place in today’s world.They will now have to compete with the EU countries which will not be amenable to England.Therefore I don’t see how England CV omes out on top in the short to medium term.Dominica in turn,and the third world will get less assistance from England.
France, or I guess the INRA or CIRAD agencies that handle agricultural selection for fruits/vegetables and so bananas (or their offices in Guadeloupe or Martinique) don”t produce genetically modified organisms. That’s forbidden by law. You also can’t use/import GMO for human consumption. So if Dominica have plants from France or export to EU, they definitely can’t be GMO ! By the way, we don’t produce plants that can’t reproduce by themselves and need to be brought again and again for money, these public agencies don’t work like a company like Monsanto. They only use natural selection to produce healthy and resistant plants and work FOR farmers.
If a disease happens and you (and probably other like Guadeloupe/Martinique that also use these “plants”) need newly plants that resists, you might have to pay for these ones since you don’t pay tax for the research.
As usually, Science is not really understood in a country were “Evolution” is not learned and explained…
Win, Loose, or Draw, is now we sucking Salt. No coincidence, The Blame game will continue. Boy, we cannot catch a Break. opinion Expressed!
Great Britain’s exit from the EU posses a huge question mark over it’s future because… like D/ca it IMPORTS far outweighs it’s EXPORTS. It strength is in the services sector, which makes up a big slice of the economy – nearly half of the economy’s output of goods and services and, because service provision is so labour-intensive, it accounts for well over half of employment. Here comes the big problem, last quarter reading from the performance of services index (PSI) – an indicator made by combining measures of sales, new orders, deliveries, inventories and employment – was the weakest in consecutive quarterly reports. It was the third time in a row it had come in below the 50 mark dividing growth from contraction. And, looking within the numbers, it’s likely that the slowdown signalled by the PSI could be self-reinforcing.
Dr Fontaine,I can see that you did not purchase your doctorate on the black market….You are an accomplished and perspicacous economist..WELL SAID!!!
Thanks Dr, Fountain for your perspective and explanation.
your party needs to organise townhall meetings to discuss and explain to the peop l e of Dominica.
this is only an analysis, so what is the hip hip horray about!!!!
He needs to replace Linton as the leader of the party (UWP) again circle your self around good people
You need a doctorate to work that out??
All rubbish if Fontaine, was any good at his job he would not be in Dominica,OK for him to stand 4000miles away talking crap but no one is taking a bit of notice of him.
Your superlative pinhead,you are spewing hate,and not commenting on the issue…You are a SACK SOT!!!Go attend school!
% Fontaine title came right out of a comic book ?.
Thomson, no hard feelings, but I have to take side with McCarthy right now, you need to remember there are many more qualified economists throughout England and the rest of the British Commonwealth, who reviewed the effects, prior to the referendum, and discover it was in Britain best interest to demit.
Your idea of Banana Accompanying; to me is totally flawed, in light that the Banana industry in Dominica is never going to return to its glory days. No matter how many genetically altered plants brought in form France. The cost of production using such plants will forever out-weigh the profits. Realize these altered plants does not grow suckers, they cannot reproduce plants, so there you see the waste of time?
One of the reasons the British left the EU is the burden of immigration, all the immigrants headed to England, ever ask why? England did better by itself, it was; and still is a world power second to the United States. So to those who claim that they will become less…
One of the reasons the British left the EU is the burden of immigration, all the immigrants headed to England, ever ask why? England did better by itself, it was; and still is a world power second to the United States. So to those who claim that they will become less effective in world affairs, I ask them what happen prior the EU?
they all headed to England because England, unlike the other EU countries – is a cultural melting pot which allows people of all races, creed and walks of life to enter their country and receive benefits.
England is more appealing as English is easy for most of the migrants, additionally they are mostly Muslims whose human rights are highly prized in England. Countries like France; do not have the level of tolerance or laws to accommodate them or rather, welcome them – therefore not as appealing – but merely a stepping stone to get to England. France for example made it illegal for Muslims to wear burkas, in the UK they are free to do so and is protected by laws.
Francisco, you have failed to understand basic commonsense remarks. You completely missed Fountain’s points. Maybe you are clouded by the party he represent and not what he spoke about. England is no Second world power Economy. This is Germany.
Francisco you logic is not based on facts.Britain’s economy went from 5th to 6th because of this drunken move.This vote was based on selfishness and fear not facts,as a result England will be relegated to a third world economy.Obama told them that they will be at the back of the line on trade deals,the UK will break up,because Scotland and Ireland want to be in the EU.England will have to devalue it’s currency and face economic hangover in the short to medium term.The English people threw down the London bridge
Prior to the EU, there was the Common Market and before that there was colonialism
Prior to the EU there was the Common Market and before that there was colonialism
Dr. Fontaine was not commenting on the impact of England leaving the EU, he was commenting on what that meant for Dominica and the impact on Dominica. Additionally, Dr. Fontaine clearly stated that we would feel the impact more through aid that we receive from the EU and not by the products we export to EU. So I still don’t understand why you believe Dr. Fontaine analysis is wrong.
“Dr. Fontaine was not commenting on the impact of England leaving the EU, he was commenting on what that meant for Dominica and the impact on Dominica.”
If you were not too quick to shoot, you and the nineteen idiots who gave you thumbs up could read and interpret what you read, you would have discovered I dealt the effects of Britain leaving the EU.
Whit a couple of words in the first line; I said I have to side with McCarthy, I elaborated as I saw fit; I did not have to respond to Fountain’s comment word for word okay! His perception of the issue and mine are different, I am capable of assessing and analyzing any situation for myself, I do not simply follow, I agree with anyone who’s ideas are similar or as precise as my own!
I do not agree to an idea simply because it is popular proposed by any particular individual, only the educated operate that way!
Dunceness to the max. Can read but definitely cannot understand what he reads. Donkey jees a bray bray bray! His total comment speaks for itself. FET responses are never in tune with what is actually going on.
Look, I view it from a very simple point of view, as I said Fountain has his opinions, and I have mine!
Now, I say to the Dominica who talk about a drunken decision; are you suggesting that more than seventeen million British people, some are Dominican born, some are born of Dominican parentage were all drunken (inebriated) when they voted to opt out from the European Union?
Me and everybody else; over 17, 000,000 people are wrong on the issue excepts all of you smart Dominica people. If more than seventeen million plus (+ 1) me, are wrong, how come you the correct Dominican dictating the British faults, and yet you all have the worst, and poorest country on the planet, living on Skerrit handouts, from the chicken feed handouts he crawl on his Mountain Chicken belly pick up with his mouth and spew it out for you all to vote for him.
Hahahahahahahahaahahahhahhahahahahhahah!
How come you all cannot use your smarts you supper intelligence to develop Dominica to the Standards…
How come you all cannot use your smarts you supper intelligence to develop Dominica to the Standards of England. Your eye’s are blinded to your backward condition but you see British drunk and disorderly!
Remember I did not trouble al-you eh; is alyou dat trouble, trouble eh!
Hahahahahahahahahahahahahahahahahahah
You again…?? and those long epistles? Geez