But ambitious it needs to be so that we can promote greater energy security, enhance our long term competitiveness and address the negative spillovers that accompany the use of fossil fuels. I wish therefore to commend the efforts of local agencies such as the Ministry of Energy and Water Resources and the Barbados Renewable Energy Association that have been championing this thrust towards renewables.
Given the continued high volatility in financial markets, mainly related to the geopolitical uncertainty, M3 growth continued to be fostered by portfolio shifts away from more risky assets. However, M3 growth appears also to have been affected by the low level of short-term interest rates prevailing in the euro area, as indicated by the strong growth in its most liquid components.