SINT MAARTEN (GREAT BAY) - During a bilateral summit in Willemstad, Curacao, the governments of Sint Maarten and Curaçao made substantial progress in strengthening the independence of the Central Bank of Curaçao and Sint Maarten (CBCS), as a cornerstone of a stable monetary union.
During the summit, the Ministers of Finance, Mr. Charles Cooper (Curaçao) and Ms. Marinka Gumbs (Sint Maarten), reached agreement on principles aimed at sustainably strengthening governance relations within the CBCS. The discussions took place in the presence of Prime Minister Luc Mercelina and Prime Minister Gilmar Pisas, as well as members of the Executive Board and the Supervisory Board of the CBCS. Prof. Dr. Jaap de Winter acted as independent chairman of the two-day event.
The discussions followed earlier differences of opinion regarding the appointment of members of the Supervisory Board of the CBCS. Against this background, both ministers emphasized the shared interest of an independent Central Bank and a strong monetary union, which contributes to the stability and resilience of the economies of Sint Maarten and Curaçao. Ensuring price stability and a solid exchange rate forms the central objective in this regard.
Key results
The Supervisory Board unanimously nominated candidates for the position of President of the CBCS and for two members of the Executive Board. These nominations will be carefully and jointly assessed by both ministers prior to the formal appointments.
With regard to the Supervisory Board, the ministers requested Prof. Winter to advise on various models for the chairmanship of the Supervisory Board. In addition, the parties agreed that strengthening mutual trust and respect is central. This requires clear and transparent procedures and agreements to which all parties commit and for which they can hold each other accountable.
The Minister of Finance of Sint Maarten will request the Executive Board and the Supervisory Board to submit a proposal for further strengthening of the CBCS office in Sint Maarten. The Ministers of Finance emphasize that the results achieved constitute an important step towards a future-proof monetary system and an independent Central Bank, which will further strengthen confidence in the joint financial infrastructure of Curaçao and Sint Maarten.
