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PHILIPSBURG — Several Members of Parliament have requested an urgent parliamentary meeting to discuss the future of the monetary union between Curaçao and Sint Maarten, raising concerns about the potential economic implications should the arrangement come under pressure.
The request, led by Democratic Party (DP) Member of Parliament Sarah Wescot-Williams and supported by other MPs, calls on the Chair of Parliament to convene a meeting of the Central Committee of Parliament to address recent developments surrounding the Central Bank of Curaçao and Sint Maarten (CBCS) and the sustainability of the monetary union.
According to the MPs, Sint Maarten must begin preparing for all possible outcomes as discussions about the future of the monetary union gain momentum in Curaçao.
Concerns After Statements from Curaçao
The request follows recent public statements regarding a meeting of the “shareholders” of the CBCS, as communicated by Sint Maarten’s Minister of Finance. These developments were further amplified by remarks from the Prime Minister of Curaçao indicating that the Curaçao Parliament will soon debate the sustainability of the monetary union.
The prospect of such a debate has raised concerns in Philipsburg that decisions taken in Willemstad could have far-reaching implications for Sint Maarten’s financial system.
Members of Parliament believe it is critical for Sint Maarten to assess its position and ensure the country is prepared should Curaçao reconsider the current arrangement.
“The potential implications for Sint Maarten’s monetary and financial stability require serious national discussion and preparation,” the requesting MPs indicated in their communication to Parliament.
A Monetary Union Dating Back to 2010
The current monetary union between Curaçao and Sint Maarten was established following the constitutional reform of the Kingdom of the Netherlands in October 2010, when the former Netherlands Antilles was dissolved.
Under the arrangement, both countries share a central bank — the Centrale Bank van Curaçao en Sint Maarten (CBCS) — which is responsible for monetary policy, financial supervision and currency management.
The union was built on the premise that both economies would benefit from shared monetary stability and coordinated financial oversight.
Currently, both countries used the Netherlands Antillean guilder (NAf), until the plans to introduce the new currency, the Caribbean guilder (XCg), became a reality on March 31, 2025.
Role of the Central Bank
The CBCS plays a central role in maintaining financial stability in both countries. Its responsibilities include supervising commercial banks and financial institutions, regulating the money supply and safeguarding the value of the currency.
Any changes to the monetary union could therefore have significant consequences for banking regulation, currency policy and financial stability in Sint Maarten.
Experts note that uncertainty surrounding the future of the union could also impact investor confidence and the functioning of the financial sector.
Parliament Seeking Clarity
The MPs requesting the meeting say Parliament must be fully informed about government’s assessment of the situation and the country’s preparedness.
They are seeking clarity from the Minister of Finance on the government’s analysis, policy direction and contingency planning should the structure of the monetary union change.
A comprehensive national assessment of the union, they argue, is necessary to safeguard Sint Maarten’s economic future.
Preparing for Possible Scenarios
While no immediate changes have been announced, the MPs stress that Sint Maarten should be ready for any scenario, including the possibility that Curaçao may eventually determine the current monetary union arrangement is no longer viable.
Such a development could force Sint Maarten to evaluate alternative monetary arrangements, including adjustments to the planned Caribbean guilder or other financial frameworks.
For now, Members of Parliament say the priority is ensuring that Sint Maarten’s legislature is actively engaged in discussions that could shape the country’s financial future.
The MPs have indicated they look forward to an early engagement with the Minister of Finance once the Central Committee meeting is scheduled.
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