Emmanuel says reported CBCS clash was very predictable, “I told you so”

GREAT BAY--Leader of the Nation Opportunity Wealth (NOW) party Christophe Emmanuel says the reported impasse in Curaçao between St. Maarten’s Minister of Finance and Curaçao’s Minister of Finance has only reinforced a warning he has been making for years about the country’s position within the monetary union and the Central Bank of Curaçao and St. Maarten (CBCS). Reacting to reports of the unresolved disagreement, Emmanuel summed up his response in four words: “I told you so.”

He said the remark was not intended as spiteful or combative, but rather as a reflection on repeated calls he made during the last governing term, while serving as a Member of Parliament, for St. Maarten to begin charting a path away from the current monetary union arrangement with Curaçao.

According to Emmanuel, his position was never that St. Maarten could or should produce an immediate separation overnight. Instead, he said the country should have already begun laying the groundwork for a long-term transition, recognizing what he described as a recurring imbalance in how power is exercised within the CBCS structure.

He argued that rather than taking the initiative and preparing for an orderly breakaway, St. Maarten’s leaders appear to be waiting until the country is effectively pushed out, potentially leaving it with little leverage and few protections.

Emmanuel said he has long believed that the balance of power within the CBCS would continue to be shaped in Curaçao’s favor, and that recent developments, as reported, are consistent with that concern.

“Instead of leading the process and protecting our own interests, we seem to be waiting to be forced into a position where we have fewer options,” Emmanuel said. “My warning was never about demanding miracles overnight. It was about starting the process early, with open eyes, because the power structure at CBCS will always be vulnerable to manipulation in Curaçao’s favor.”

Emmanuel further argued that the stakes of the issue extend far beyond board appointments and central bank governance. He pointed to Mullet Bay as one of the most important and sensitive national assets at risk if St. Maarten fails to protect its broader financial and institutional position.

He said St. Maarten continues to “play with fire” when it comes to what he described as arguably the most valuable piece of property in the Caribbean. In his view, any illusion that Curaçao has no interest in controlling or benefiting from Mullet Bay is dangerously naive.

According to Emmanuel, control of the CBCS and the internal flow of information tied to key financial decisions could create opportunities for Curaçao to position itself in ways that serve its own national interest, rather than that of St. Maarten.

While he did not suggest that any single issue stands alone, he argued that influence over the bank’s internal decision-making structure could have implications far beyond monetary policy, particularly when major national assets and strategic financial matters are involved.

“What is reportedly happening now in Curaçao between Minister Cooper and our Minister could have been predicted,” Emmanuel said. “If getting movement on matters that are already established on paper is difficult, what did we think would happen with an issue that allegedly depended on a handshake with someone who is no longer in office? Of course there would be attempts to manipulate the situation. There is too much at stake.”

At the same time, Emmanuel said he supports Minister Marinka Gumbs’ reported position in standing firm on St. Maarten’s claim to its turn in the CBCS chairmanship. He said the Minister was right to defend the country’s interests, but stressed that the broader lesson is that St. Maarten cannot continue relying on fragile understandings in a structure where it may not hold decisive power.

He warned that the country must be deeply concerned about the possibility of being pushed out of the current arrangement with nothing meaningful to show for it.

“We need to be very concerned about being pushed out holding an empty bag,” Emmanuel said. “In the past, we have held percentage stakes in joint arrangements with Curaçao and ended up with little to nothing. If we are not careful, history will repeat itself, and this time the consequences could involve Mullet Bay and the patrimony of our people.”

Emmanuel said the reported developments should be treated as a wake-up call for the country’s leadership. In his view, the time has come for St. Maarten to begin serious planning for a future in which it has greater financial autonomy and stronger institutional safeguards.

He urged government to begin exploring a practical path toward establishing its own banking and financial infrastructure, whether through a national development bank or another appropriate model that gives the country more direct control over its long-term economic future.

“I encourage the Minister to begin seeking a way out sooner rather than later,” Emmanuel said. “St. Maarten must start thinking seriously about its own bank, development-oriented or otherwise, and about building a financial framework that protects this country first.”

Emmanuel concluded that the reported impasse should not be viewed as an isolated disagreement, but as yet another sign that St. Maarten must think more strategically about its place in shared institutions and act before it is left reacting to decisions made elsewhere.

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