Barbados and other Caribbean economies have made significant strides in monitoring their individual financial stability, but coming up with a regional mechanism that works just as well must now be a “high priority”.
Central Bank of Barbados Governor Dr DeLisle Worrell outlined that objective when a major regional conference on financial risk assessment opened yesterday at Hilton Barbados.
The veteran economist told participants attending the event hosted by the Inter-American Development Bank (IDB) that their task was to “stitch together the operational and informational arrangements for regional assessment and monitoring of financial stability on an ongoing basis”.
“The outlines of the way forward are set down in the project document on the basis of which the IDB agreed to provide funding for this effort. It envisages that each country (or sub-region, in the case of the ECCU [Eastern Caribbean Currency Union]) will have established an overarching framework for financial stability, led by the central bank,” he noted.
