WILLEMSTAD – Opposition party PAR is warning that plans to move toward a separate central bank for Curaçao could have serious economic consequences, urging the government to prioritize cooperation over political differences.
In a press release, PAR faction leader Quincy Girigorie expressed concern over a recent letter from Prime Minister Gilmar Pisas to Parliament, in which the government indicates it is initiating a process toward establishing a separate central bank for Curaçao.
According to Girigorie, the move comes amid an ongoing political impasse between Curaçao and Sint Maarten regarding the appointment of the Supervisory Board chairman of the Central Bank of Curaçao and Sint Maarten. While acknowledging that tensions between the two countries are not new, he argues that breaking up the monetary union would ultimately harm both economies.
PAR warns that dissolving the shared central bank structure would likely increase the cost of doing business between the two islands and negatively affect economic cooperation. The party points out that, globally, countries are moving toward greater monetary and fiscal integration—citing examples such as the eurozone and emerging economic blocs—while Curaçao and Sint Maarten appear to be moving in the opposite direction.
Girigorie also highlighted longstanding structural challenges faced by small island economies, including aging populations, rising healthcare costs and difficulties in building effective education systems. These issues, he said, demonstrate the disadvantages of limited scale and reinforce the need for collaboration rather than fragmentation.
“There is no scenario in which two islands with limited human and financial resources will be better off separated than in a strengthened union,” the statement said.
The PAR leader further referenced remarks made by development bank official Pablo Bartol, who stated during a 2024 conference that “political disunity and lack of cooperation are signs of poor countries.”
According to PAR, the situation calls for political maturity and a willingness to set aside differences in favor of long-term economic stability. The party is urging the government to engage in constructive dialogue with Sint Maarten and reach concrete agreements based on mutual respect.
Girigorie questioned how Curaçao can advocate for equality within the Kingdom of the Netherlands if it fails to uphold similar principles in its relationship with a smaller partner.
The opposition concludes that cooperation must remain the foundation for financial and economic development, calling on the government to act with reason rather than emotion and to place the interests of the people of both countries first.