having said this, it is clear that businesses cannot continue to pay wages and salaries at the same level if their sales are declining. this would be a recipe for making losses and for eventual closure altogether. a feasible option is for businesses to offer shorter hours or week on and week off to workers instead of complete layoffs. i cannot repeat too often that this option will help to keep the wheels of commerce turning and mitigate the impact of layoffs, not only for the individuals involved but for the economy as a whole. this greater labour market flexibility will often require a greater level of management coordination and administration than straight layoffs and management may well have to be more closely involved in seeing that operations can run as smoothly as before with few hiccups. however, the result for the business over the longer term, where this can be accommodated, could be worthwhile and certainly the results for the barbados economy could be a less painful response to economic recession. for salaried workers this arrangement may require greater negotiation between workers and employers and greater support from the social partners. this is a time for us to think outside the box and to concentrate on the medium term viability of our economy and the viability of our businesses. where businesses cannot survive without taking action to reduce costs the consequences can be more disastrous for both the employee and for the business. of course, businesses should not take advantage of the situation and should only revert to this method if it is necessary. it is a question of judgement. let me say that barbados has not yet been severely affected by the global recession but we know that it will affect us. we have enough time to position ourselves to mitigate the impact and we should take steps to position ourselves to deal with it when it comes. in closing, i wish to again say that we at the central bank are happy to be associated with the social partners in promoting this week of excellence. as i always repeat, and i think it is important to do so, aiming for excellence is a continuing process. if ever we think that it is a condition that is achieved and for which we can cease to strive, then we misunderstand the process. reaching for excellence must be constant if we are to see improvements in the way we do things. we must all be on board. during this week we therefore remind ourselves that we should continually reach for excellence. let me welcome all of you once more to the central bank and may your deliberations be fruitful and rewarding as

elson gaskin : the frank collymore literary endowment - building on its legacy remarks by mr elson gaskin, deputy governor of the central bank of barbados, at the 26th frank collymore literary endowment awards ceremony, bridgetown, 14 january 2024. * * * good evening. in commencing, let me, on behalf of the governor, board, management and staff of the central bank of barbados, extend condolences to the family, friends, and loved ones of the late sonia williams, who on more than one occasion was a finalist in this competition. as i began to prepare for this awards ceremony, i looked back at what we have said on previous occasions as it is sometimes important to take a retrospect before moving forward. what stood out during that exercise is that we have often spoken about the role that the arts play in creating a national identity. just last year, we spoke about the fact that not only is the fcle a part of the bank's legacy, it has created a legacy of its own. the central bank of barbados'unswerving support for and commitment to the frank collymore literary endowment is precisely because we recognise that in addition to fulfilling our core mandate, we must be a part of, and never apart from, the society we serve. we see this programme as an essential part of the barbadiana that we are. one year ago, the bank was winding down its 50th anniversary celebrations and the fcle was marking its silver jubilee. the parallels between the two institutions - and i choose this word deliberately because the frank collymore literary endowment has become an institution - extend beyond celebrating milestone anniversaries around the same time. both are interested in barbados'national development. for the bank, that is primarily, but not exclusively, related to the economy. for the fcle, it is about the development of this island's literary tradition. it is a role we both take seriously, and from which comes a second parallel : our respective commitment to excellence. the central bank of barbados'vision is to become and maintain an institution of worldclass excellence, and we are working every day to internalise this vision and reflect it in not only in the many activities in which we are involved an but also in the quality with which we execute them. i am confident that the fcle and its committee also live by this ideal. over the past 26 years, the competition has become a bellwether of quality writing.