have brought the federal funds rate down by 1 percentage point from its level just before the financial strains emerged. the federal reserve took these actions to help offset the restraint imposed by the tightening of credit conditions and the weakening of the housing market. however, in light of recent changes in the outlook for and the risks to growth, additional policy easing may well be necessary. the fomc will, of course, be carefully evaluating incoming information bearing on the economic outlook. based on that evaluation, and consistent with our dual mandate, we stand ready to take substantive additional action as needed to support growth and to provide adequate insurance against downside risks. financial and economic conditions can change quickly. consequently, the fomc must remain exceptionally alert and flexible, prepared to act in a decisive and timely manner and, in particular, to counter any adverse dynamics that might threaten economic or financial stability. a number of analysts have raised the possibility that fiscal policy actions might usefully complement monetary policy in supporting economic growth over the next year or so. i agree that fiscal action could be helpful in principle, as fiscal and monetary stimulus together may provide broader support for the economy than monetary policy actions alone. but the design and implementation of the fiscal program are critically important. a fiscal initiative at this juncture could prove quite counterproductive, if ( for example ) it provided economic stimulus at the wrong time or compromised fiscal discipline in the longer term. to be useful, a fiscal stimulus package should be implemented quickly and structured so that its effects on aggregate spending are felt as much as possible within the next twelve months or so. stimulus that comes too late will not help support economic activity in the near term, and it could be actively destabilizing if it comes at a time when growth is already improving. thus, fiscal measures that involve long lead times or result in additional economic activity only over a protracted period, whatever their intrinsic merits might be, will not provide stimulus when it is most needed. any fiscal package should also be efficient, in the sense of maximizing the amount of near - term stimulus per dollar of increased federal expenditure or lost revenue. finally, any program should be explicitly temporary, both to avoid unwanted stimulus beyond the near - term horizon and, importantly, to preclude an increase in the federal government's structural budget deficit. as i have discussed on other occasions, the nation faces daunting long - run budget challenges associated with an aging population, rising health - care costs, and other factors.

central bank of barbados tom adams financial centre, spry street, bridgetown p. o. box 1016 telephone : ( 246 ) 436 - 6870 : fax. ( 246 ) 436 - 7836 e - mail address : info @ centralbank. org. bb website : www. centralbank. org. bb remarks by cleviston haynes, governor, central bank of barbados at the opening of the new branch of consolidated finance one welches, st. thomas thursday, january 31, 2019 i am delighted to celebrate with you, the launch of this new corporate branch in the growing welches business district. firstly, i would like to extend congratulations to the head of the branch, mr. darrell wilson, an experienced financial services professional, and his staff, as they set out on this exciting journey, anxiously looking forward to seizing the available opportunities and overcoming the inevitable challenges that lie ahead. i have no doubt that the depth of experience and understanding of the barbadian financial landscape that you bring will augur well for the success of this new branch, as you seek to expand consolidated finance ’ s foothold in the corporate and commercial lending market. consolidated finance is now a household name with a long history in barbados, having been established as a wholly - owned subsidiary of the mcenearney alston ( barbados ) group. the company has built an excellent reputation, expanding its range of financial products and services ranging from vehicle leasing arrangements to offering fixed deposits, real estate financing, merchant banking and foreign exchange trading. as regulator, the bank has been able to monitor your growth and we are satisfied with your commitment to enhance your systems for risk management to ensure compliance with regulatory standards. we welcome your decision to expand your footprint in the domestic financial market at this time. it demonstrates confidence in your ability to manage an expanded portfolio. equally important, it shows confidence in the future prospects for the barbados economy and embodies your commitment to helping the barbados economy to recover and strengthen over the medium term. 1 | page as i reported only yesterday, the economic indicators for the barbadian economy are displaying encouraging signs. but the prospects for durable growth over the medium term require a strong recovery in investment, both foreign and domestic. i believe that the domestic financial sector has an important role to play in this area, as it seeks to allocate over time, the substantial resources it has mobilized from our citizens. in recent years, credit demand has been weak and the banking sector has been marked