PHILIPSBURG--“We will not be rushed. We will not be sidelined. We will not be bullied.” This was a clear message from Finance Minister Marinka Gumbs to Parliament on Tuesday.
She made the remarks after announcing that the Government of St Maarten will establish a Task Force on Monetary Future and Financial Stability to evaluate the country’s options amid uncertainty surrounding the monetary union with Curaçao.
“The Government of St Maarten is not waiting for events to overtake us. We are taking decisive action,” Gumbs said in her address to Parliament’s Central Committee.
The Council of Ministers is set to create the task force with a broad mandate, including aligning with stakeholders such as the International Monetary Fund (IMF) and the Central Bank of Curaçao and St. Maarten (CBCS), evaluating the current monetary union, and assessing the implications of a potential dissolution. The body will also examine currency options, develop scenarios for establishing a national central bank, analyse impacts on the banking sector and payment systems, and provide concrete recommendations to the government.
According to Gumbs, the task force will engage local experts, regional partners, and international institutions, and its work “will be thorough, independent, and aligned with global best practices.”
“Allow me to state here categorically that we are not reacting to events, we are preparing for them. We are not passive, we are proactive. We are not waiting, we are moving,” she said.
Gumbs outlined five guiding principles shaping the government’s approach, placing financial stability at the forefront.
“For us, financial stability is paramount. Any dismantling has to be properly prepared and must never jeopardize the financial stability of our nation in any way,” she said.
She also spoke of transparency and accountability, stating that government will demand full transparency from the CBCS and its monetary union partners.
On St Maarten’s position within the union, Gumbs stressed the importance of equality. “I am not given to any kind of political posturing or making bravado statements, but I can assure Members of Parliament, that we will not accept any subordinate role in this unfolding saga,” she said.
Protecting the country’s interests remains a central priority, she added, highlighting continued supervision of financial institutions and legislative efforts to meet Financial Action Task Force requirements while enabling innovation in the financial sector. The government also plans to implement a deposit guarantee scheme to safeguard savings up to XCG 50,000.00 and introduce a basic payment account. “I can assure Parliament of our full commitment to these measures,” Gumbs said.
Addressing the possibility of the union’s dissolution, Gumbs underscored the complexity of such a move. “If we put aside the legal language, the logic is simple: You can’t just walk away from a joint Central Bank. And certainly not after 15 years! If the union ends, we must negotiate the following: who takes which assets, who assumes which risks and obligations, and how to protect people’s deposits, contracts, and confidence,” she said.
She noted that the constitutional framework does not bind Curaçao and St Maarten to the union indefinitely. “The Statuut and its implementing laws do not lock Curaçao and St Maarten into this monetary union forever. So, we know from the experience of the Central Bank of the Netherlands Antilles that we entered into the union with our eyes wide-open, ‘until something do us part.’ And that ‘something’ is already knocking at our door,” Gumbs said. “We will answer the door knowing fully well that any dismantling has to be deliberated, legally structured, and financially fair. We will be ready for any and all outcomes,” she added.
Gumbs acknowledged the scale of the challenges ahead but expressed confidence in the country’s resilience. “The challenges before us are significant, but they are not insurmountable. Next to the dismantling of the Netherlands Antilles and the Central Bank of the Netherlands Antilles, St Maarten has faced adversities like hurricanes, economic shocks, institutional crises before and each time, we have emerged stronger,” she said.
She called for unity and resolve among lawmakers. “This moment requires unity, resolve, and clarity of purpose. It requires us to stand firm in defence of our national interests. It requires us to prepare – not out of fear, but out of responsibility,” Gumbs said. “We will not be rushed. We will not be sidelined. We will not be bullied. We will not compromise the interests of our people. We will act decisively. We will protect our financial stability. We will uphold good governance. And we will ensure that St. Maarten’s future is secure, stable, and prosperous,” she said.
“The time to set aside our political differences, close ranks, and rally round for the defence of St. Maarten’s interests is now,” Gumbs added.
https://www.thedailyherald.sx/islands/we-will-not-be-bullied-govt-moves-to-establish-task-force-on-monetary-future-2
