PHILIPSBURG:--- The ongoing debate surrounding the chairmanship of the Central Bank of Curaçao and Sint Maarten (CBCS) has once again centered on the question of “whose turn” it is to propose a candidate. While this discussion has sparked significant public interest, it is crucial to shift focus to the deeper challenges facing our monetary union—challenges that go beyond procedural disputes.
Historical Context
In 2017, Etienne Ys was appointed Chairman of the CBCS, following a recommendation by the Supervisory Board of Directors (SBD). Screening for the position was conducted through Curaçao’s agencies, and his appointment was widely regarded as Curaçao’s candidate under the informal rotational understanding between the two countries.
When Mr. Ys’s term ended in 2021, the SBD, led by Vice-Chair Denis Richardson, recommended his reappointment. However, Mr. Ys withdrew, and the SBD retracted its recommendation. During this period, internal conflicts within the CBCS Board escalated, prompting the Ministers of Finance of Curaçao and Sint Maarten to jointly propose a chairmanship candidate, bypassing the SBD’s recommendation. This approach was endorsed by the Court, with the expectation that board members would either resign or be dismissed.
In December 2021, the SBD (Supervisory Board of Directors) proposed Denis Richardson for the chairmanship. Both Ministers of Finance agreed to this recommendation, and no disputes arose regarding which country had made the proposal. However, Sint Maarten had not yet amended its National Decree (LBHAM) governing the screening of CBCS officers. While screenings were conducted by each country’s agencies in 2017, the procedural steps for Mr. Richardson’s screening were not completed, despite communication between Sint Maarten’s Finance Minister and the SBD.
Faced with a stalemate, Sint Maarten’s Finance Minister initiated a new nomination process, resulting in the proposal of Jairo Bloem.
Key Takeaways from Documentation
- The 2017 appointment of Mr. Ys was recommended by the SBD and regarded as Curaçao’s candidate.
- The attempt to reappoint Mr. Ys was treated as Sint Maarten’s candidate but did not materialize.
- The SBD later recommended Mr. Richardson as the next candidate, with both Ministers agreeing to the proposal, pending procedural screening, which was never completed.
- Sint Maarten subsequently initiated a new nomination process.
It is important to note that the so-called “rotation” of the chairmanship is not legally codified. It is a matter of practice and political understanding, not a statutory requirement. Framing the current debate solely as a matter of “whose turn it is” oversimplifies a complex institutional process.
The Bigger Picture
While institutional clarity is essential, the real issue lies in the health and effectiveness of the monetary union. Curaçao and Sint Maarten face significant economic and financial challenges that require coordinated policy, regulatory stability, and strong governance at the CBCS.
Public energy would be better directed toward addressing these pressing priorities:
- Resolving structural bottlenecks within the monetary union;
- Strengthening regulatory oversight and financial sector resilience;
- Ensuring transparency, credibility, and institutional stability within the CBCS;
- Safeguarding the shared currency and protecting economic confidence in both countries.
Conclusion
The stability of our monetary union must transcend individual appointments. While leadership is important, institutional coherence, economic resilience, and public trust are paramount. Now is the time to move beyond procedural disputes and focus on fortifying the foundation of our financial systems.