The size and nature of the economies of the Eastern Caribbean Currency Union (ECCU) render them particularly vulnerable to external shocks and natural disasters. This is the stark reality that the ECCB faces as it seeks to strengthen the region’s financial structure in response to the impact of the global economic and financial crisis.
Moreover, from my vantage point as a former community banker, I see other potential negative consequences: Because small businesses often form the backbone of the communities where they are located, their disappearance could have profound and long-lasting community-level effects as well.