Governor of the Eastern Caribbean Central Bank Calls for Bold Action

Introduction

Governor of the Eastern Caribbean Central Bank (ECCB) Timothy N.J. Antoine delivered a stirring keynote address at the recent 9th Growth and Resilience Dialogue, calling on the region to rise to the moment with bold action and a “Big Push” agenda to double the size of their economies and secure shared prosperity.

The Current State of the Region

Speaking under the theme “In Pursuit of Extraordinary Excellence”, Governor Antoine highlighted the macroeconomic threats posed by current global challenges and urged governments, businesses and citizens across the Eastern Caribbean Currency Union (ECCU) to adopt a growth mindset and accelerate regional collaboration.

“This crisis—if we call it that—must not be wasted,” Antoine said. “We must meet this moment and emerge even stronger. Resilience is not merely the capacity to withstand and absorb shocks, but to bounce forward.”

Challenges and Opportunities

Addressing a packed audience at ECCB Headquarters in Basseterre, the Governor warned that the region is navigating a volatile global environment—what he described as not just “VUCA” (volatility, uncertainty, complexity, ambiguity) but “VUCA+AA”, with added layers of anxiety and ambiguity brought on by global restructuring, inflation, and geopolitical tensions.

“We are witnessing economic restructuring on a scale unseen since World War II,” Antoine said, pointing to the growing concerns about inflation, potential trade tariffs on Chinese goods, and the implications for shipping costs and construction prices.

The “Big Push” Agenda

Governor Antoine outlined three priority areas under what he called the “Big Push” agenda:

Food and nutrition security
Energy security
Accelerated regional integration

He emphasised the urgent need to reduce the region’s food import bill, which continues to rise.

“We have considerable work to do. When the economy rebounds, as we saw after the pandemic, food imports increase,” he said. “We must get our food imports significantly down.”

Conclusion

In closing, Governor Antoine invoked the Caribbean’s history of resilience and reminded the audience of the region’s founding values of struggle and solidarity.

“We are richer than we think. We are large ocean states, not just small island states. We cannot change our history or geography—but we can change our development trajectory.”

With passion and purpose, he urged the region to embrace its potential and step boldly into the future.

Frequently Asked Questions

Here are some frequently asked questions related to the Governor’s address:

Q: What is the “Big Push” agenda?
- A: The “Big Push” agenda is a set of priority areas outlined by Governor Antoine to drive economic growth and development in the region, including food and nutrition security, energy security, and accelerated regional integration.
Q: What is the current state of the EC dollar?
- A: The EC dollar remains strong, with a backing of 98 percent, well above the legal requirement of 60 percent, and foreign reserves of $6 billion and growing.
Q: What is the region’s goal for economic growth?
- A: The region aims to double the size of its economies and secure shared prosperity through bold action and a “Big Push” agenda.