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Constitutional reform for St. Maarten based on 40 years of abuse

May 13, 2008

Marble Central Bank in Curaçao

The temptation to establish a joint Central Bank for St. Maarten and Curaçao in the constitutional reform towards country status within the kingdom of the Netherlands is based on ignorance, dementia and simple lack of relational thinking.

According to Leader of the St. Maarten Government, Sarah Wescot Wiliams, no consensus can be reached over the “controlling board seats” between Curaçao and St. Maarten for a joined Central Bank (3 boardmembers for St. Maarten and 3 for Curaçao with one jointly appointed position).

Why does a Central Bank building in Curaçao need to build out of MARBLE?

After 40 years of Curaçao abuse of its dominant financial position the first demand of a self regulated Central Bank within the country status of St. Maarten should have the highest priority in the reform.

No, we understand that St. Maarten is entertaining a joined Central Bank with Curaçao!



Let’s look at some facts of the last 40 years:

  • The Central Bank and the Central Government have been located in Curaçao
  • All kingdom financial support ended up in Curaçao over the past 40 years to be dispersed equally in ratio of population but in reality only once in a while some trickle came to the other islands in the constellation
  • Curaçao has build itself a phenominal infrastructure over the past 40 year from withheld project aid to St. Maarten, Saba and St. Eustatius
  • St. Maarten’s infrastructure is 30 year behind on where it should have been today
  • St. Maarten generates 81% of the foreign currency inflow for the Netherlands Antilles
  • Curaçao has build a strong financial center over the past 40 years mostly due to aid from Holland
  • St. Maarten’s financial industry and services is virtually non-existent due to the regulations posed upon St. Maarten by Curaçao over the past 40 years (Curaçao could borrow on the International Money market … all other Islands could not!)
  • St. Maarten contributes over 60% of the total central government budget for almost 25 years
  • Curaçao holds most of the government owned companies in its portfolio and negotiates an extreme hard bargain on Telecom, Energy, Postal services and Medical services in the division of assets in the break-up of the constellation.
  • Curaçao (local government) in the past 18 years has build-up well over 2 billion guilders in local debt despite all financial aid from Holland and now tries to make all other Islands equally responsible for the debt.
  • Curaçao has held St. Maarten “hostage” in its development over the past 40 years due to a legislative system that “reeked” of totalitarianism since the majority of parliament was always held by Curaçao

Now tell me why would St. Maarten even consider a joined Central Bank that can be bankrupted by Curaçao at any given moment sending St. Maarten into a downward spiral that will dwarf the after affects of a hurricane?

Written by islandcritic · Filed Under Local News 

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