ECCB 2017-2018 Annual Report and Statement of Accounts

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ECCB ANNUAL REPORT 2017/2018

and gathering operations, as well as consensus building for better policy outcomes, the Bank held a number of networking meetings with key policymakers including: Accountants General, Budget Directors, Comptrollers of Customs and Inland Revenue Departments, Auditors General, Heads of Central Statistical Offices, Heads of Social Security Systems and the OECS Commission. The 2018-2019 financial year could be considered the year of consolidation and progress towards accomplishing the Bank’s goals. The recording of a second successive year of profits is noteworthy and is reflective of improvement in global financial conditions and targeted internal reforms aimed at better use of financial resources.

Enhancing relationships with stakeholders for economic transformation of the currency union - The Bank recognises that attainment of its primary statutory objectives of financial and monetary stability could be achieved effectively only in an environment characterised by high sustained growth in the currency union. Given the decentralised nature of macro-economic policy-making with member countries having control over critical levers which directly impact growth, such as investment and fiscal policies, it is crucial that the Bank collaborate with partners both regional and extra-regional, to effect this strategic goal. During the review period, emphasis was placed on partnering with the private sector, civil society, the OECS Commission, the Caribbean Development Bank (CDB) and International Finance Institutions (IFIs) to continue the dialogue on strategies for improving competitiveness and growth. The collaboration with the OECS Commission will be vital to achieving the main goals under this strategic area as the Commission has broad responsibility for the implementation of the Economic Union and its Protocols, as laidout in theRevisedTreatyof Basseterre. Other notable activities included the successful execution of the Bank’s networking meeting programme. As part of the Bank’s information sharing International Finance Institutions to continue the dialogue on strategies for improving competitiveness and growth During the review period, emphasis was placed on partnering with the private sector, civil society, the OECS Commission, the Caribbean Development Bank and