WILLEMSTAD – A public letter addressed to the Ministers of Finance of Curaçao and Sint Maarten is raising serious concerns about the possible dissolution of the monetary union between the two countries, urging both governments to reconsider any move toward separation.
The letter, dated April 16, 2026, calls on Minister Charles Cooper of Curaçao and Minister Marinka Gumbs of Sint Maarten to provide clear justification and transparency before making a decision that could have far-reaching consequences for both economies and their populations.
The author stresses that the debate is no longer theoretical, but a real policy direction under consideration, one that could directly impact daily life, financial stability, and regional cooperation.
A key argument presented is that monetary unions are not uncommon globally and often succeed despite differences in size and economic strength. The letter points to examples such as the European Central Bank and the Eastern Caribbean Central Bank, where countries of varying scale have maintained long-term cooperation based on mutual benefits.
According to the letter, the current union between Curaçao and Sint Maarten provides several advantages, including shared foreign exchange reserves, which ensure that both islands can meet international payment obligations. This system allows one country to compensate when the other experiences a shortfall in foreign currency inflows, particularly relevant in tourism-dependent economies.
The document also highlights the role of the Central Bank of Curaçao and Sint Maarten (CBCS) in maintaining financial stability, supervising hundreds of financial institutions, and safeguarding deposits. The shared structure reduces operational costs and allows both countries to benefit from economies of scale.
Breaking the union, the author argues, would lead to duplication of costs, as Sint Maarten would need to establish its own central bank, while Curaçao would bear the full financial burden of the existing institution.
Another major concern raised is the potential erosion of confidence in the financial system. The letter emphasizes that trust in the availability of foreign currency—needed for imports such as food, medicine, and fuel—is essential for economic stability.
The author further questions the stated desire by both governments to gain more influence over the central bank, warning that increased political control could undermine the independence needed to protect foreign reserves and maintain monetary discipline.
Beyond financial implications, the letter points to broader social and economic consequences. It argues that dismantling the monetary union could affect the free movement of people and labor between the islands, which has historically facilitated education, employment, and family ties across Curaçao and Sint Maarten.
The letter concludes by urging both governments to engage the public in the decision-making process and to clearly outline the expected benefits, risks, and long-term impact of any changes. Without such transparency, the author warns, the decision could deepen divisions and result in lasting economic consequences.