Prime Minister Luc Mercelina was right (see Thursday’s newspaper) when he said ongoing tensions within the Central Bank of Curaçao and St. Maarten (CBCS) are long-standing and should not be mistaken for conflict. The latest point of contention is the appointment of a new chairperson for the Supervisory Board, with St. Maarten claiming its turn to do so.
According to Finance Minister Marinka Gumbs, there had been a verbal agreement to that effect with her former Curaçao counterpart Javier Silvania, which he and his successor Charles Cooper (both MFK) subsequently denied. The latter went a bit further by stating the Dutch Caribbean countries should “go our separate ways quick and fast.”
This prompted a response from Gumbs, making it clear St. Maarten would determine its own course regarding monetary union. She noted that public calls for separation cannot simply be ignored, underscoring the need for national unity and preparation.
Her Democratic Party (DP) faction, along with other parliamentarians have since called for a meeting on the issue. Curaçao Prime Minister Gilmar Pisas (MFK) earlier announced a similar debate with the legislature in Willemstad.
Before that, St. Maarten Parliament President and Democratic Party (DP) leader Sarah Wescot-Williams had argued that the chairmanship should not be about “whose turn it is” and urged attention to be focused on institutional stability, credibility and public trust. Meanwhile, former CBCS chairman Etienne Ys clarified that while from Curaçao, he was actually nominated by St. Maarten under an arrangement between the two finance ministers at that time.
Sharing a central bank as well as a currency was bound to bring some friction. Pisas even reasoned – quite bluntly – that because Curaçao owns close to 80% of the shares, yet the countries each have three regular board members, St. Maarten also holding the joint chairmanship would be disproportionate. However, that is not what was decided in the run-up to dismantling the no-longer-existent Netherlands Antilles per 10-10-10.
It is the Supervisory Board that recommends candidates for the function to the two ministers. Pisas referred to several appointments already being made in the past by the President of the Joint Court as prescribed in CBCS’ statutes in case of such an impasse.
One problem may be that board members see themselves too much as representing the country that named them. Instead, they are to defend the financial and economic interests of the entire monetary union.
These persons should be professional enough to simply choose the best available candidate, regardless of which island. It requires a business-like attitude.
