Wednesday, August 10, 2022

ECCB Governor Urges Patriotism, Shared Sacrifice Amid ‘Inflation Storm’

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The Governor of the Eastern Caribbean Central Bank (ECCB), Timothy Antoine, has called for patriotism and shared sacrifice amid the current ‘inflation storm’┬áin an address Friday in Saint Lucia to the ECCB Monetary Council.

The Council is the highest decision-making authority of the ECCB.

It comprises the eight Ministers for Finance of the ECCB member governments.

Governor Antoine issued a call for collective action, asserting that there’s pressure on all sectors.

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He declared that the current situation demands a coming together at all levels, including nationally, regionally, and internationally.

” Now is the time for our social partners, governments, labour unions, businesses, civil society, including our youth and our churches, to engage in meaningful dialogue about shared sacrifices to weather the current inflation storm,” he said.

In this regard, Antoine warned that unilateral demands by partners, whether businesses or labour unions, would be unhelpful.

He declared that such demands would worsen a bad situation.

He observed that fuel at the pump in the Eastern Caribbean Currency Union (ECCU) costs from fifteen to twenty dollars a gallon with varying government subsidies.

And the ECCB Governor asserted that the price would be higher without such government interventions.

” As governments take additional steps within their limited means to cushion the effect of inflation on our vulnerable households and businesses, now is also not the time for price gouging by unscrupulous operators,” he stated to applause from the audience.

“This is a moment for patriotism and shared sacrifice. Even as we address the pressing matter of high food and energy cost, we must also seize and pursue and opportunities for building resilience and transforming our region,” Antoine noted.

In addition, the ECCB Governor said it was time to accelerate the renewable energy transition, digital transformation, and food and nutrition security.

Headline photo: Timothy Antoine (Stock image)

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Editorial Staff
Editorial Staff
Our Editorial Staff at St. Lucia Times is a team publishing news and other articles to over 200,000 regular monthly readers in Saint Lucia and in over 150 other countries worldwide.

7 COMMENTS

  1. Daily, despite all efforts by the Russian Central Bank to keep the value of the Ruble from rising, it keeps strengthening, with the increasing global demand for Russia’s commodities. On the other hand, the US dollar loses value steadily.

    Here’s a snap quiz for those who fancy themselves to be savvy regarding Modern Monetary Theory.

    Q: What is the value of the US dollar based on?

    A: Hot air & the US military!

  2. The time is coming when it will be dangerous to be an elected or an appointed member of anything in government; as prophesied, what we are seeing is only a foretaste of wars to come; sorry to say, it has never failed and truth is beginning to hurt.
    Gang members have to recruit members just to survive; some relatives of mine have been hit twice at their home, they gave up everything instead of getting hurt physically. That’s not life, but they’re too old to leave, so I said to them, stay and face the music, and they have faced it and nothing more to take. Who else is vulnerable? your own leaders/government& Spiritual.

  3. People do not trust y’all anymore. I myself do not trust anyone especially these leaders that want to represent people interest with no knowledge of who they are. Only know them by their faces through the media .You all are extortionists. So F off.

  4. When things nice y’all hoarding everything. When things bad. We’re in this together and shared sacrifice. Oh no. you MF. 9 meals between civilisation and anarchy. The people will rise up, rest assured.

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