The Eastern Caribbean Central Bank was established in October 1983. It is the Monetary Authority for a group of eight island economies namely - Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia, and St Vincent and the Grenadines. Its main goal is to maintain the stability of the EC dollar and the integrity of the banking system in order to facilitate the balanced growth and development of member states.
The key purposes of the Bank are:
- To regulate the availability of money and credit;
- To promote and maintain monetary stability;
- To promote credit and exchange conditions and a sound financial structure conducive to the balanced growth and development of the economies of the territories of the Participating Governments;
- To actively promote through means consistent with its other objectives the economic development of the territories of the Participating Governments.
The governing bodies of the Eastern Caribbean Central Bank are the Monetary Council and the Board of Directors. The Monetary Council is the highest decision making authority. It is comprised of one Minister appointed by each Government of the participating countries. The function of the Council is to provide directives and guidelines on matters of monetary and credit policy to the Bank. The Board of Directors is comprised of ten Directors - the Governor and Deputy Governor, and one Director appointed by each Government of the eight participating countries. The Board of Directors is responsible for policy and general administration of the Bank, while the Governor, the Chief Executive, is responsible for the day-to-day management and operations.
ECCB publishes an annual economic review, national accounts digest, balance of payments digest, manages interactive databases of monetary statistics and has launched the General Data Dissemination System (GDDS) linking to the IMF and providing information on concepts, definitions, classifications, compilation methods and plans for improvement for the economic, financial and socio-demographic data disseminated by countries participating in the GDDS. ECCB Member Countries participating in the GDDS are Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines.
Received October 2010