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

Appendix 1: Recollections of Previous Governors 275 merely a set of attributes or skills that a leader should have, but is a characteristic of the group that he or she leads. The leader’s prime responsibility is to promote leadership, in himself or herself and in all those for whom he or she is responsible. If a leader has great leadership qualities or skills but the group he or she leads does not, the ability to succeed will be completely neutralised unless and until a way is found to nourish the qualities of leadership in everyone. The qualities of leadership should include the following: (i) foresight and vision to identify shared goals; (ii) insight and creativity to chart a path towards those goals; (iii) the ability to inspire everyone involved; and (iv) the skill to help everyone to develop and use their potential. All members of a group must develop these qualities for the group to succeed. The front-line leader must certainly be rich in these attributes, but for the greatest achievement and fulfilment, everyone must take the initiative to make things better and help to nourish leadership in everyone else. Could the Bank be seen as possessing and exhibiting these qualities and fostering their growth in the nation? Leadership during the 1991-1993 crisis No one denies that the Bank played a leading role in identifying economic and social goals for Barbados; the biggest challenge in this regard was in 1990 when devaluation was a possibility. I remember one week when available foreign currency was so low that it seemed that a de facto devaluation (where the central bank becomes irrelevant) was inevitable. I was a little afraid. But, guided by the expertise of our top management, we devised a way to avoid a devaluation. We had our fall-back positions and were convinced that as long as we remained resolute we would succeed. We would not have faced a crisis if our Japanese bond-holders had seamlessly rolled over our maturing debt. Luckily, they never said that we