Editorial: Monetary unionPOSTED: 12/30/13 12:28 AM
The Central Bank has made some critical remarks about the advice from the Social Economic Council (SER) to our government about the monetary union.
Already in February, the SER advised the government to leave the union and to switch to the American dollar as the sole legal currency in St. Maarten.
That the Central Bank has placed some question marks behind this advice does not mean that the SER is wrong. There remains a certain level of unease about the sustainability of the Antilles guilder on the current level with the dollar.
If due to economic problems in Curacao devaluation becomes inevitable, St. Maarten will pay the price.
It is therefore remarkable, to say the least, that the government had not taken a definite position on this issue during the past ten months. Waiting until the roof collapses and then crying foul does not seem to be the right approach. The government could at least make clear what its position is – and then live with the consequences.