Montserrat will assume the chairmanship of the Eastern Caribbean Central Bank (ECCB) Monetary Council in 2011, when Chief Minister and Minister of Finance Rueben T. Meade takes over from Grenada’s Minister of Finance Nazim Burke.
At its recent meeting in Grenada the Council noted that the economies of the East Caribbean Currency Union (ECCU) suffered a general decline in economic activity over the past year brought about by the global economic crisis. Repercussions were particularly evident in the financial sector and in the government’s fiscal accounts.
Real output is estimated to have contracted by 7.3 per cent in 2009 and preliminary data indicate a further contraction of 4.1 per cent in the first quarter of 2010. Tourist arrivals and private capital inflows are projected to remain below the pre-crisis levels in the near-term.
Accordingly, the ECCU is expected to under-perform for a second consecutive year with a decline of 2.3 percent projected for 2010.
The Monetary Council is the highest decision-making authority of the Bank. It comprises of eight Ministers of Finance, one from each of the ECCB member countries.
