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

Appendix 1: Recollections of Previous Governors 281 Dr. Marion Williams (Governor 1999-2009) Introduction Before I became governor of the Central Bank of Barbados on November 1, 1999, I had been exposed to central banking at the Eastern Caribbean Currency Authority (ECCA), the precursor of the Bank. One of the fondest memories of my stint at ECCA was serving as rapporteur for the inaugural conference of the Regional Programme of Monetary Studies. I felt that central banks were particularly well placed to make an important contribution to development in the Caribbean and was impressed that they had chosen to coordinate their thinking. I recalled those beginnings when I was offered the position of Governor of the Bank and was anxious to prove that I could excel in this field. It was therefore quite a jolt to that hope when I encountered my first major challenge. Independence of the Central Bank Very early in my tenure the independence of the Bank was challenged. The manner of my predecessor’s departure from the Bank and the global context at the time were the reasons for this. The collapse of Enron led to tighter financial oversight in the corporate world, including RESPONDING TO INCREASING DIVERSIFICATION AND COMPLEXITY IN THE FINANCIAL SYSTEM