Finance Minister Marinka Gumbs made an important statement during her official introduction of the new Caribbean guilder (see Tuesday newspaper) at the Central Bank of Curaçao and St. Maarten (CBCS) in Philipsburg. She stressed the importance of continued participation in the monetary union between the two countries, believed to be mutually beneficial.
Earlier statements by the minister might have created a different perception on her views about the present arrangement. Particularly in the discussion on a joint solution for the Ennia insurance company debacle, she had been critical of CBCS and the role of its management.
What’s more, according to the Mercelina II Cabinet’s governing programme published last week, the Finance Ministry plans to review recent decisions by CBCS and assess the viability of the monetary union.
That seems almost contradictory, but Gumbs provided further explanation at the XCG launch event. She urged reflection on the issue, asking if – after 15years – both parties are still happy and whether the promise of standard fiscal rules and policy coordination had been met.
There is nothing wrong with that. However, it does not mean the minister or the URSM/DP/PFP/SAM coalition backing her in Parliament have any plans to abruptly jump out of the union and – for example – switch to the US dollar, even though it remains the most widely used currency on the Dutch side.
The latter is reassuring especially at a time of considerable financial economic turbulence primarily caused by the new American trade doctrine. In moments of uncertainty like these, confidence and stability are at a premium.
