Venner calls for economic union in OECS

The governor of the Eastern Caribbean Central Bank, Sir Dwight Venner, says economic union has become a necessity for the sub-region which faces peculiar economic challenges.



Speaking in St Lucia yesterday Sir Dwight pointed to the smallness, openness and vulnerability of the nine economies that currently make up the Organisation of Eastern Caribbean States (OECS) grouping.



He further suggested that the very narrow domestic markets and the high cost of doing business in the sub-region have led to underperformance by the private sector.



The chairman said there was a need to create a common and greater economic and financial space as well as greater social space for the people of the Eastern Caribbean to be able to express their abilities.