But neither is there evidence that they have declined even though the average cost of capital for firms has fallen.8 This larger gap between the hurdle rates and the average cost of capital implies a reduction in firms’ appetite for risk. This result, which is consistent with information from our liaison program, appears to be a global phenomenon.
Article 3 outlining the Purposes and Functions of the Organisation states in Section 2 (1) “to this end the Member States will endeavour to coordinate, harmonise and pursue joint policies particularly in the field of Currency and Central Banking.” PREAMBLE (ECCB Agreement 1983) The Treaty of Basseterre 1981 was followed by the Agreement establishing the ECCB in 1983.