eastern caribbean central bank p. o. box 89, basseterre, st kitts, west indies remarks by timothy n. j. antoine governor of the eastern caribbean central bank delivered at the 8th annual growth and resilience dialogue “ creative disruption and innovation - pathways for transformative change and sustainable growth ” 11 april 2024 salutations : good morning. 1. introduction it is my distinct pleasure to welcome each of you to the 8th annual growth and resilience dialogue. for those visiting the eccb campus for the very first time, we bid you a special welcome. for those who are returning after a hiatus, welcome back. this is your bank ; we work for you! i am deeply appreciative of the ongoing partnership with the oecs commission, the world bank and the university of the west indies on this dialogue series. eastern caribbean central bank p. o. box 89, basseterre, st kitts, west indies our theme : “ creative disruption and innovation : pathways for transformative change and sustainable growth ” is very aligned with our central bank ’ s strategic focus on “ transforming the eccu through innovation and collective action ” ( slide 2 ). at the launch of the eccb ’ s 40th anniversary celebrations last year, i issued a challenge for a big push – to double the size of our economies over the next decade ( slide 3 ) – and asked what it would take to achieve this moonshot goal. here is the thing about moonshot goals – they trigger our imagination and often lead to incredible innovations with lasting impact. if you doubt that the caribbean region is capable of innovations, look no further than the innovations that would be featured in this year ’ s dialogue. consider also the innovativeness of johanan dujon, founder of algas organics in saint lucia. this enterprising young man was featured on the forbes “ 30 under 30 manufacturing 2020 ” list for his creative and productive new uses for the sargassum seaweed that has invaded our shores ( feldman, 2019 ). then there is aeon innovative solutions inc., based in trinidad and tobago, whose product offerings include records management software solutions for the medical industry ( pastor, 2024 ). ( slide 4 ) eastern caribbean central bank p. o. box 89, basseterre, st kitts, west indies 2. key messages today, i present four key messages for your reflection ( slide 5 ) : transformation starts with each of us in respect of our mindset

push " and identified several drivers, one of which is wealth creation. i called attention to the fact that almost 3 in 5 persons in the usa or 60 per cent are invested in the us stock market. in contrast, only 4 per cent of persons ( 1 in 25 ) in the eccu are invested in the eastern caribbean securities market. i then proposed a stretch target to raise that number from 1 in 25 persons t0 1 in 5 persons ( 20 per cent ) over the next decade. i confirm that the launch of this fund is aligned with the strategic directions of the eccb, which include financial inclusion and wealth creation. through this mutual fund, citizens and residents of the eccu will have access to the international financial markets. i understand the minimum investment size is us $ 200 or ec $ 540, after which any amounts could be invested. from the perspective of financial inclusion, this relatively low entry investment size provides a great opportunity for our people to invest and access the regional and international capital markets. and before you complain about the quantum required, i invite some of you to reflect on what you paid for your recent old year's night fete. the launch of this mutual fund leverages the strong savings culture in our region and offers an accessible and affordable way to help more of our savers become financial investors. in recent times, we have observed some persons pursuing risky options such as investments in cryptos. i hope these persons will consider this mutual fund as a safer option in which to invest their hard - earned money. wealth creation is essential for building resilience it is appropriate to situate the launch of this mutual fund in the wider context of our region's quest to create prosperity and build resilience. our inaugural financial literacy and inclusion survey found that 50 per cent of persons ( 1 in 2 ) in the eccu are not financially resilient. for me, resilience is the capacity to withstand and absorb shocks and bounce forward ( not back ). 2 / 3 bis - central bankers'speeches i truly believe that wealth creation is one pathway to building financial resilience ; to the extent that our people generate additional income and wealth, including intergenerational wealth transfer, the stronger their capacity to weather financial storms and shocks. so leveraging the question i posed to our currency union, i invite you to now reflect on this personal and provocative question : what will it take to double your net worth over the next decade? could we personalise this question