Both Sides of The Coin: The Story of The Central Bank of Barbados 1972-2017

268 entity be able to carve out a compensation system that is not wedded to the general civil service and can attract the brightest and best? A high degree of operational autonomy has helped the Bank to function efficiently and effectively while other statutory bodies have floundered. The issue of the degree of central bank independence is bound to come to the fore again at some time. A decision in that regard will depend on the prevailing philosophy of the incumbent government, public opinion and the relative strength or influence of the Bank. Will there be a central bank, in the sense that we now know it, 25 years from now? Will the institution be still relevant as the traditional concepts of money disappear, exchange controls become a thing of the past, the continued revolution in technology allows many different players to invade the central banking space and the calls for less government grow louder? What about possible monetary union in Caricom? Given the cyclical nature of the regional integration movement, there is every reason to believe that it will be back on the front burner within the next 20 years. If monetary union becomes a reality, the Central Bank of Barbados could become a branch of the Caribbean Central Bank with all the uncertainty that is certain from such an eventuality. These are only some of the challenges which could confront the Bank in the not-so-distant future. Only time will tell what kind of institution will emerge in the next 45 years.