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SER submits monetary union advice to St. Maarten prime minister Wescot-Williams

WEDNESDAY, 13 MARCH 2013

PHILIPSBURG–The Social Economic Council SER submitted an unsolicited advice on the future of the monetary union with Curaçao to Prime Minister Sarah Wescot-Williams on Tuesday.

The SER advice is entitled “St. Maarten Stepping out of the Monetary Union.” SER was represented by Chairman René A. Richardson and legal advisor and lead editor of the advice Daniëlle Choennie-Babel.

This advice provides the opinion of the SER on the following issues: Why should St. Maarten consider stepping out of the monetary union and if we do leave, what is the next step forward? Should St. Maarten create its own currency or adopt the US dollar as legal tender?

The SER decided to pursue an unsolicited advice on this matter, in light of the serious financial difficulties confronted by Curaçao during 2012 and the possible fallout this might have for St. Maarten as partner in the monetary union.

Extensive research was done in St. Maarten, Curaçao, Aruba, and The British Virgin Islands. A large number of stakeholders from financial circles on different islands were interviewed. In addition, several experts were invited to the SER meetings to further elucidate on the topic. The research done resulted in a convincing majority advice which was presented to Wescot-Williams, the Minister of Finance Roland Tuitt, and Tourism, Economic Affairs, Transport and Telecommunications Minister Romeo Pantophlet. After release for publication, this advice will be available through the National Gazette and on the SER website www.sersxm.org

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