GREAT BAY--The Supervisory Board of the Central Bank of Curaçao and St. Maarten has unanimously nominated candidates for the position of President of the CBCS and for two members of the Executive Board, marking a major step forward in efforts by the governments of St. Maarten and Curaçao to strengthen the Central Bank and the monetary union.
The nominations were confirmed following a bilateral summit in Willemstad, Curaçao, where the governments of St. Maarten and Curaçao made substantial progress on matters related to the independence, governance and future stability of the CBCS.
The nominated candidates will now be carefully and jointly assessed by the Ministers of Finance of both countries before formal appointments are made.
During the summit, Minister of Finance of Curaçao Charles Cooper and Minister of Finance of St. Maarten Marinka Gumbs reached agreement on principles aimed at sustainably strengthening governance relations within the CBCS.
The discussions took place in the presence of Prime Minister Dr. Luc Mercelina of St. Maarten and Prime Minister Gilmar Pisas of Curaçao, as well as members of the Executive Board and the Supervisory Board of the CBCS. Prof. Dr. Jaap de Winter served as independent chairman of the two-day summit.
The meeting followed earlier differences of opinion regarding the appointment of members of the Supervisory Board of the CBCS. Against that background, both ministers emphasized the shared importance of an independent Central Bank and a strong monetary union.
According to the governments, an independent CBCS remains a cornerstone of a stable monetary union and contributes to the stability and resilience of the economies of St. Maarten and Curaçao. Ensuring price stability and maintaining a solid exchange rate were identified as central objectives.
In addition to the nominations for President and Executive Board members, the ministers requested Prof. Winter to provide advice on various models for the chairmanship of the Supervisory Board.
The parties also agreed that strengthening mutual trust and respect is essential. This will require clear and transparent procedures, as well as agreements to which all parties commit and for which they can hold one another accountable.
Minister Gumbs will also request the CBCS Executive Board and Supervisory Board to submit a proposal for further strengthening the CBCS office in St. Maarten.
The Ministers of Finance emphasized that the results achieved during the summit represent an important step toward a future-proof monetary system and an independent Central Bank. They said the progress made will help further strengthen confidence in the joint financial infrastructure of Curaçao and St. Maarten.
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