Saint Lucia: PM Philip J Pierre assumes Chairmanship of ECCB Monetary Council

Castries, Saint Lucia: Prime Minister Philip J. Pierre officially assumed the Chairmanship of the Eastern Caribbean Central Bank Monetary Council. Addressing fellow Members of the Monetary Council for the first time as Chair, Pierre prescribed actionable policy measures to respond to the immediate challenges confronting Member States.

“If ever we needed to act collectively to address common challenges, and to position our region to better handle current and future shocks and to meet the legitimate needs and aspirations of our people, it is now. We must not miss the opportunity these challenges currently present. In this time of much-needed collaboration, the bank and member countries must find alignment in the management of their respective roles; the Bank must maintain its focus on managing monetary policy and ensuring stability while member countries manage their fiscal policies responsibly to ensure sustainability.

“Fellow Council members, regional and international partners, public sector and private sector stakeholders, civil society and youth, I issue a clarion call to action for the transformation of our region. To realize the outcomes of the Council’s people-led agenda, we require commitment and political will, stakeholder participation, sustainable financing and collective action. Today’s challenges present the opportunity for greater coordination of effort at all levels; let us not waste it and be brave. We can do better in serving the common good of our people. It’s the reason we were called to public service.”

Pierre has designed a strategic, people-focused agenda which will be implemented over the ensuing twelve [12] months of his Chairmanship.

The policy agenda will focus on four areas:

1. Tackling Inflation

2. Resilient and Inclusive Growth

3. Financial Stability and Financial Inclusion

4. Payments Modernization and Digital Transformation

Prime Minister Pierre succeeds Premier of Montserrat and outgoing Chairman of the ECCB Monetary Council Joseph Easton Farrell.