to adapt to tectonic shifts in the economic environment. in this era of modern communications, competition may originate from within or outside our territorial boundaries. we have to be assessing constantly our ability to adapt to the threats posed by our competitors and to the potential shocks on the horizon. as an economy, we have to embrace emerging opportunities that promote diversification and enhance competiveness. firms and industries that are reluctant or unable to adapt risk extinction. facing this new economy, therefore, requires change. the barbados economic and recovery transformation ( bert ) programme symbolizes one aspect of this change as we seek to restore economic and fiscal discipline. however, there is also a need for a change in attitudes, a change in behaviours, a change in mind - set and a change in culture. william jefferson clinton, the 42nd president of the united states said that “ in the new economy, information, education and motivation are everything. ” 1 / 2 bis central bankers'speeches if technology is what will drive this new economy, data is the fuel. data and analytics will better allow us to innovate and will inform real - time decision - making. from a central bank perspective, having timely and accurate data will allow us to monitor what is happening in the economy, to recognise trends and to make sound recommendations for public policy. more broadly, it will help barbados to better understand our markets, whatever the sector, and to target them more precisely, so that we can best utilise what are often limited resources. it will help us to navigate the volatility, the uncertainty, the complexity and the ambiguity of which i spoke earlier. whether your department or organisation provides the central bank with statistics directly, or whether it is called upon to provide information to other agencies, such as the barbados statistical service, i encourage you in the public sector to cooperate, ensuring that the data you provide is accurate and submitted in a timely manner. remember, it is based on this data that government makes policy decisions : decisions about new taxes ; decisions about expenditure cuts ; decisions about capital projects. but using data to guide our decision - making is only half of the equation. the other half is our ability and willingness to embrace the changes that will come with the new economy. that is the education and motivation of which president clinton spoke. whether you are in the public sector or in the private sector, you will be called upon to do more with less because of the fiscal and economic constraints. public sector leaders who now have

daniel boamah : the importance of being financially fit remarks by dr daniel boamah, deputy governor of the central bank of barbados, on the occasion of the prize - giving ceremony of “ financially fit schools ’ essay competition ”, bridgetown, 7 june 2010. * * * madam chairperson, representative from caribbean technical assistance centre, members of the media, awardees, distinguished ladies and gentlemen, good afternoon. on behalf of the board of directors, the governor, management and staff of the central bank, it is my distinct pleasure to welcome you to the bank and to this prize - giving ceremony. let me, on behalf of the bank congratulate the recipients of prizes in this essay competition and encourage those who were not successful this time to continue trying. i must commend the management of the caribbean technical assistance centre ( cartac ) for the initiative to sponsor this essay competition. first of all, it encourages students to put their thoughts on paper in a more structured format and to help them think logically. secondly it provides them with an introduction to financial education which should equip them with the information and skills necessary to enable them to take control of their personal finances. any project that would teach young people important life skills of how to make, save and spend money wisely, especially in these times of challenging economic realities, is worth supporting. a few years ago, at a meeting of the central bank governors of the commonwealth of nations, it was recommended that central banks should take steps to enhance financial literacy in their jurisdictions. this is because it was recognised throughout the world that many people are failing to plan ahead and are making bad financial decisions without realising it. some central banks in the region have already gotten involved. the central bank of trinidad and tobago and the eastern caribbean central bank ( eccb ) have active financial literacy programmes. the central bank of barbados also launched a financial education programme in august last year, beginning with a series on budgeting. the staff of the bank made presentations to several workplaces on the topic and the feedback reinforces the point of view that greater attention ought to be paid to financial literacy in barbados. even before launching its financial education programme, the central bank of barbados, through its schools ’ outreach programme, was engaged in educating students about financial issues as the bank recognises that teenagers who learn to handle their finances will become adults who know how to manage their money in order to build better lives for themselves and their families and to strengthen the economy. i