ECCB 2014-2015 Annual Report and Statement of Accounts

EASTERN CARIBBEAN CENTRAL BANK

The OECS Business Council (OBC) The OECS Business Council, which was incorporated in St Kitts and Nevis in 2012, was established to serve as a representative body for the private sector in the OECS. During the financial year, the ECCB assisted the Business Council in the finalisation of its Strategic Plan which will guide the Council in its operations and goals. The Council has formally introduced itself to the OECS Commission and the CARICOM Secretariat and met with regional and international stakeholders and partners. The Council provided input into the OECS Regional Partnership Strategy (RPS) of The World Bank and was charged with some responsibility for The World Bank’s Caribbean Growth Forum initiative in the member states. During the financial period, the Council established its permanent Board of Directors, with Mr Gordon Charles of Saint Lucia, as Chairman, and embarked on plans to establish its operations protocols. The ECCB assisted the Business Council in the finalisation of its Strategic Plan which will guide the Council in its operations and goals. ] [

THE BASIS OF POLICY

R esearch The research programme for 2014/2015 revolved around the Bank’s four main policy themes: 1. Financial Stability; 2. Growth and Development; 3. Fiscal and Debt Sustainability; and 4. Monetary Policy in a Quasi-Currency Board. The following papers were initiated and/or completed during the period, to inform policy discussions by the Bank’s management, the Board of Directors, and the Monetary Council: a. The Three-pronged Growth Strategy: An Elaboration; b. Federal Reserve Tapering and Foreign Assets; c. The Impact of the Global Financial Crisis on ECCU Households: An Initial Analysis; d. Gold Book – ECCU Anecdotal Report: Energy Developments – A Comparative Analysis of Electricity Markets in the ECCU; e. Blue Book – The Minimum Savings Rate as an Instrument of Monetary Policy; f. Benefits of the ECCU Exchange Arrangements; and g. The Adoption of the Mount Belvieu and US Gulf Coast Price Benchmarks for Fuel Products in the ECCU. Additionally, the following research papers contributed to an enhanced understanding of the economic environment of ECCU member states, and as such created valuable information which can provide support to policy deliberations:

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ECCB ANNUAL REPORT 2014/2015