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

Appendix 1: Recollections of Previous Governors 273 resources for expert coverage of the economy. In these circumstances, the Bank was forced to perform the role of economic educator of the Barbadian public. It has been so successful that Barbadians at large are considered the most sophisticated in economic matters of any Caricom state. The Bank’s publications were so highly regarded that Prime Minister Tom Adams once accused me of “hijacking” the nation’s economic information system. I congratulated him on his perspicacity! In retrospect, I think that we should have committed even more resources to public information and education. It is this economic sophistication which, during the crisis of 1991-1993, enabled private corporations and trade unions to support the stabilisation efforts. Summing up and a look ahead By the end of my tenure, all the elements of the vision had essentially come together. The Bank’s contribution to economic policy- making promoted the price and exchange rate stability which underpinned the economic growth and development which we later enjoyed. We had assembled a first-rate work force and aggressive training policies and international exposure further upgraded the Bank’s skills base. Modern management techniques and up-to-date technology resulted in a level of operational efficiency unprecedented in the Barbados public sector. In its role of “think tank”, the Bank greatly assisted in the launching of several national initiatives, notably the development of the off-shore financial sector. Some of our senior officers have travelled the world carrying out consulting assignments for multilateral development institutions. My successors in office have expanded the vision in directions which I could not have foreseen. The Central Bank of Barbados is now a mature financial institution whose economic and social importance cannot be seriously disputed. With the progress of time, the Bank will be even more severely tested than previously. But as in the past its challenge will be to resist alien ideologies which do not take our history and peculiar circumstances into account. We need a new vision to guide us through the 21st century.