5.0 Reports from Ministerial Sub-committees of the Monetary Council
Council noted the report from the Ministerial Sub-committee on Insurance and ratified the decisions put forward with respect to the approach to be taken in the resolution of the issues in the insurance sector in the ECCU. Council noted that media releases would be made simultaneously in member countries and statements made in the respective parliaments on the progress to date.

Council also noted the report from the Ministerial Sub-committee on the Offshore Sector and in particular the developments with respect to the Tax Information Exchange Agreements (TIEAs). Council noted that all member countries are likely to meet the 31 March 2010 deadline for signing of the TIEAs with OECD countries. However, the key issue surrounds the blacklisting by France of OECS countries (excluding Antigua and Barbuda). Council agreed that member governments should make every effort to meet the 31 March 2010 deadline.

Council considered the advantages which are likely from membership in the OECD Global Forum which provides the opportunity for member countries to be involved in the development and maintenance of guidelines to facilitate transparency and tax information exchange on a global scale. Council supported the recommendation that the OECS Secretariat join the Global Forum as an observer or in some other associated capacity.

Council noted the report from the Ministerial Sub-committee on Cooperatives and agreed to urge member governments to expedite the passage of the Cooperatives Bill.

6.0 Enhanced Regulatory Framework
Council noted the update on the enhanced regulatory framework and in particular that:
• The ECCB continues to facilitate upgrades to the various pieces of legislation that govern the different classes of financial institutions operating in the ECCU.
• The Monetary Council, the ECCB Board of Directors, the Single Regulatory Units and other regulators have undertaken an enhanced supervisory role with ongoing and more frequent consultations amongst the parties; and that
• The consultative relationship between the ECCB and other stakeholders has been significantly enhanced.

Council further noted the need for guiding principles to address issues of accountability, transparency and efficiency, as well as regular information exchange among the regulatory bodies, to make the framework fully operational and, to that end, administrative protocols for the framework were being finalised.

7.0 ECCU Eight Point Stabilisation and Growth Programme
Council noted that the Eight Point Stabilisation and Growth Programme was signed by Heads of Government of the ECCU in December 2009 and circulated to the regional and international community.

Council noted the Action Plan for implementing the Eight Point Stabilisation and Growth Programme which was based on the recommendations from the Boot Camp held to develop a coherent and internally consistent strategy to address the effects of the global financial and economic crisis on the ECCU member countries.

Council noted in particular the action being taken with respect to the following components by the various stakeholders at the national and regional levels:
• Fiscal Reform Programmes
• Debt Management Programmes
• Public Sector Investment Programmes
• Social Safety Net Programmes

Council further noted the proposal for transforming the Statistics Departments into autonomous bodies which was intended to improve the quality of statistics in the region. In view of the critical importance of statistics to the policy making process, particularly at this time, Council agreed to give urgent attention to this matter.

Council reaffirmed its commitment to the Eight Point Stabilisation and Growth Programme and agreed that it should be firmly rooted in the deliberations of the Executive and Legislature of the ECCU member governments.

Eastern Caribbean Central Bank
P O Box 89, Basseterre, St Kitts
Contact: Ingrid O’Loughlin
Senior Director
Corporate Relations Department
Phone: (869) 465-2537
Fax: (869) 465-9562
E-mail: info@eccb-centralbank.org
Website: www.eccb-centralbank.org