eastern caribbean central bank remarks by timothy n. j. antoine governor eastern caribbean central bank at the launch of the eccu public debt and market information web portal 23 july 2019 ( eccb headquarters, st kitts and nevis ) introduction allow me to join our master of ceremonies, mrs. teresa smith, director of statistics in welcoming all stakeholders to the launch of the eccu public debt and market information web portal. here assembled, are the builders of this platform together with the suppliers and consumers of public debt information. today ’ s launch marks another milestone in our ongoing enterprise to build out an eccu financial market infrastructure that is fit for purpose – a modern, strong and diversified financial system. our motivation the eastern caribbean central bank ( eccb ) recognises that information is a public good and that the dissemination of relevant and timely information, by both the public and private sectors, is an indispensable element in our quest to transform the eastern caribbean currency union ( eccu ). the launch of the eccu public debt and market information web portal is an important deliverable in the eccb ’ s strategic plan for this year. if you are not familiar with this plan, i urge to visit the eccb website, familiarise yourself with it and become an implementation partner. this initiative was born of a desire to ensure that the public has the best ( accurate and timely ) information available to make informed decisions. whether this is : 1. an investor considering the purchase of government security ; 2. a credit rating agency assessing the creditworthiness of a government ; 3. a financial institution requiring information to meet their ifrs 9 obligations ; 4. a licensed broker providing advice to clients ; 5. a regional or international financial institution undertaking surveillance ; 6. an academic or student undertaking research ; and of course, 7. the media, which is essential player in our liberal democracies. page 1 of 3 eastern caribbean central bank indeed, far too often our region is misrepresented because of a paucity of data and information for published reports. furthermore, our public discourse is often characterised by far more heat than light because of missing or misrepresented facts. one of the objectives of this particular effort is also to broaden the investor base for the regional government securities market ( rgsm ), a major component of the eastern caribbean securities market. the rgsm, now in its 18th year, has allowed governments to raise almost $ 14 billion, delivering significant fiscal savings in the

one of the leading institutions for policy research and advice ; 2. to be a model for the practice of modern management methods ; 3. to be an advocate for eccu and oecs regionalisation initiatives. the governance structure and arrangements of the bank comprises three elements : ( a ) the monetary council which is composed of the ministers of finance of the member countries. this is the highest decision taking body of the bank and article 7 ( 2 ) states that - ( b ) “ the council shall meet not less than twice each year to receive from the governor the bank ’ s report on monetary and credit conditions and to provide directives and guidelines on matters of monetary and credit policy to the bank and for such other purposes as are prescribed under this agreement. ” ( c ) the board of directors which subject to article 7 shall be responsible for the policy and general administration of the bank. ( d ) according to article 9 ( 4 and 5 ) the governor shall preside as chairman at the meetings of the board ; serve as chief executive officer of the bank to be in charge of and responsible to the board for the implementation of the policy and the day to day management of the bank. the bank has established three formal consultative arrangements with the following : ( a ) the ministries of finance in keeping with part ix of the agreement - relations with participating governments ; ( b ) the commercial banks in keeping with part viii of the agreement - relations with financial institutions ; ( c ) the private sector through a private sector consultative group as approved by the monetary council. the bank has made networking arrangements with institutions and agencies within the public and private sectors in the currency union. the bank is also committed with the full support of the council and the board to a full programme of public education and information on economic and financial matters. the principal role of the eccb is to be the central monetary authority of the eccu. its responsibilities are therefore to ensure the achievement of the purposes of the bank as set out in article 4 of the agreement as follows : to regulate the availability of money and credit ; to promote and maintain monetary stability ; to promote credit and exchange conditions and a sound financial structure conducive to the balanced growth and development of the eccu economies ; to actively promote through means consistent with its other objectives the economic development of eccu countries. the setting of objectives for both the short term and long term are critical for all institutions, including central banks. the manual of “ good transparency practices for monetary policy by central banks