 Let me welcome you to St. Lucia and the hospitality of our people. I am pleased to host this in-person ceremony, the first of its kind since 2018, and of course my first non-virtual monetary council meeting since I became the Minister of Finance in July 2021. Today, I have the distinct honour of assuming the chair of the monetary council and to advance the strategic objectives of the ECCB as outlined in the strategic plan. I take the opportunity to thank Premier Farrell for his steady leadership of the monetary council in the midst of mounting challenges. Under Premier Farrell's stewardship, our award-winning and world-renowned central bank delivered on his mandate for monetary and financial stability in the ECCU. I also would like to extend a one welcome to Honourable Dickon Mitchell, Prime Minister and Minister of Finance of Grenada, who is attending his first monetary council meeting. I join the outgoing chairman in commending Governor Antoine for his effective leadership and to the ECCB management and staff for the very important work they have been doing. It has not escaped my notice that the bank in 2021 has appointed its first female deputy governor, Dr. Valder F. Henley. Congratulations to Dr. Henley. The success of our subregion depends heavily on the quality of its institutions. This is why we must jealously guard the integrity and the effectiveness of our institutions if we are to serve the common good of our people. The President of the International Economic Association and well-respected economist Danny Rodrick puts it this way and I quote the quality of institutions trumps everything else that is geography and trade in determining income levels worldwide. We must therefore remain committed to protecting the integrity and quality of the ECCB which remains an effective and well-respected institution globally for over 40 years. We are living in extraordinary times and arguably one of the most difficult times to govern. In July of last year the COVID-19 plague had already claimed 140 lives in the ECCU. Today we saw the reports that we needed loss of over 1,000 people in the currency union and I wish to observe half a million silence for these lost lives. Thank you. We note with disappointment that the average percentage of the population vaccinated against COVID-19 across the ECCU member countries remains far below the required herd immunity of 70%. Only last month the IMF reported that the ongoing pandemic has inflicted large output losses in the ECCU leaving scars on the tourism and transportation sectors, education, labour force and fiscal position. As if all of this were not enough to bear, we are now battling the economic fallout from the war in Ukraine with food and energy prices on the rise. The world banks group global economic prospects of June 2021 that for the global economy and I quote the danger of stagflation, high inflation and low growth is considerable today. The future of our small economies therefore remains challenging. If ever we needed to act collectively to address the common challenges and to position our region to better handle current and future shocks and to meet the legitimate needs and aspirations of our people it is now. We must not miss the opportunity these challenges currently present. In this time of much needed collaboration the bank and member countries must find alignment in the management of their respective roles. The bank must maintain its focus on managing monetary policy and ensuring stability while member countries manage their fiscal policies responsibly to ensure sustainability. The banking sector in the ECCU has been witnessing significant changes particularly in the last decade. These are likely to persist in the foreseeable future and would need careful attention by member states. For example, the rising competition between banks and non-bank financial institutions such as credit unions and payday loan services. Credit unions in our region have witnessed significant expansion in recent times. In St. Lucia the credit union sector is open to greater collaboration in the ECCB. This sector must not be adverse to regulation. However, they are mindful that credit unions are different to commercial banks and the difference should be considered in any discussion on regulation, financial stability and inclusiveness. In the months ahead, my chairmanship will be people focused and the council's agenda will be consistent with both the program for action for recovery, resilience and transformation and the ECCB's strategic plan for 2022 to 2026. Our policy agenda will focus on four main areas. One, tackling inflation. Two, resilient and inclusive growth. Three, financial stability and financial inclusion. And four, payments modernization and digital transformation. All economies are experiencing record high inflation. As a consequence, our people, especially the most vulnerable, are hurting. I fully endorse the view of Governor Antoine that the current external shocks we are experiencing requires an all of society approach led by our governments. Within our limited fiscal spaces, governments of the Subregion are trying to cushion the effects of inflation on its people. And as a region, we must urgently and necessary pursue alternative consumption, relying on locally produced foods and less on expensive imported foods, some of which we remain in short supply if the war in Ukraine continues. My fellow council members, I remain committed in pursuing a regional growth target of 5% per annum. We will continue working towards the realization of tourism by increasing its resilience and the resilience of the industry generally. A critical imperative for meeting this objective is addressing the vexing issue of regional transportation, particularly air transportation. It is too cumbersome and definitely too expensive to travel to neighboring islands. Also, at the top of our growth agenda will be the intensive promotion of food and nutrition security through trade practices, access to alternative markets, import substitution and alternative consumption. In this regard, we will accelerate efforts to reduce the ECCU food import bill of 1.6 billion in 2019 by 25% over the next three years. We will also strengthen and support small and medium enterprises to recover, survive and thrive while enabling the establishment of new businesses, especially among our youth. And next weekend parliament will be launching our youth economy in solution. On the aspect of energy, we will encourage the attainment of renewable energy targets established on the national energy policies to boost energy security and reduce the negative impact of volatility of oil prices on our domestic economies. We need to enhance the neighboring environment to scale up clean energy investments within the ECCU. We will continue to demand climate justice, including the necessity for grants and concessionary finance to enhance climate resilience. As part of the programme for action, the bank will intensify its work on the framework for stability and optional regulation of the ECCU's financial system. This work includes consumer protection in the financial system. In this regard, I commit to bring to parliament theization that will enhance financial stability and financial inclusion. These include amendments to the Banking Act and the credit reporting bill and regulations. I take this opportunity to urge all member countries to enact their standard monetary concept to pulverisation at the earliest opportunity. It is my aim that by the end of my tenure as chairman, most of our people would have had access to credit and other financial services which should empower them to pursue their dreams, create employment and help grow our economies. The bank will also advance its work on deposit insurance to protect depositors. Today, the Monetary Council will consider a new payment system and services legislation. Some may ask, what is this for the people? My response, faster, cheaper and safer payments, greater constitutional protection and a better climate for a promoted innovation and financial inclusion. After all, payments are the lifeblood of every economy. Indeed, this initiative is part of our vision of developing a digital economy for the people of our region, especially our youth. Fellow council members, regional and international partners, public sector and private sector stakeholders, civil society and youth, I issue a clarion call to action for the transformation of our region. To realise the outcomes of the council's people's lead agenda, require commitment and political will, stakeholder participation, sustainable financing and collective action. Today's challenge presents the opportunity for greater collaboration of effort at all levels. Let us not waste it and be brave. We can do better in serving the common good of our people. It is the reason why we are called to serve. I thank you.