PHILIPSBURG:--- The Social Economic Council (SER) submitted an unsolicited advice on the future of our monetary union with Curaçao to the Prime Minister on Tuesday, March 12, 2013. The SER advice is entitled "Sint Maarten Stepping out of the Monetary Union". The SER was represented by Chairman René A. Richardson and Daniëlle Choennie-Babel, legal advisor and lead editor of the advice.
This advice provides the opinion of the SER on the following issues: Why should Sint Maarten consider stepping out of the monetary union and if we do leave, what is the next step forward? Should Sint 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 Sint Maarten as partner in the monetary union.
Extensive research was done within Sint Maarten, but also in 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 the Minister of General Affairs, Prime Minister Sarah A. Wescot-Williams, the Minister of Finance Roland S. Tuitt, and to Romeo F. Pantophlet, Minister of Tourism, Economic Affairs, Transport and Telecommunication.
After release for publication, this advice will be available through the National Gazette and on the SER website www.sersxm.org.
