GREAT BAY--Minister of Finance Marinka Gumbs on Monday used her appearance in Parliament on the five harmonized national ordinances on financial supervision to directly address mounting public concerns surrounding the monetary union, recent developments in Curaçao, and ongoing public discussion over the chairmanship and future direction of the Central Bank of Curaçao and St. Maarten (CBCS).
Before beginning her presentation on the draft legislation, including the National Ordinance on the Supervision of Securities Intermediaries and Asset Managers, identified as document IS/065 of parliamentary year 2023-2024, the Minister made clear that Parliament’s deliberations were both timely and necessary, rejecting any suggestion that the meeting was unnecessary in light of the current public debate.
“For some, there may be a question as to whether this meeting today would be a waste of Parliament’s time. Clearly, it is not,” Minister Gumbs said in her opening remarks.
The Minister said a narrative had emerged suggesting that because of the ongoing public discourse surrounding the monetary union, and remarks made publicly by Curaçao’s Acting Minister of Finance, Mr. Cooper, including suggestions that the countries should “go our separate ways quick and fast,” the legislative decisions before Parliament may somehow have become less relevant. She firmly rejected that view.
Addressing the monetary union directly, Minister Gumbs said St. Maarten is not in a subordinate position and should not be treated as such.
“St. Maarten is not a liability to anyone. We are an autonomous country within the Kingdom and an equal partner in this union,” she said.
She noted that cooperation between the two countries has historically been necessary and, at times, has proven beneficial to Curaçao as well, including during complex financial matters such as ENNIA. At the same time, she stressed that cooperation must be grounded in mutual respect, not implied dependency and certainly not superiority.
The Minister also made clear that her approach to the matter is deliberate, measured, and not driven by emotion.
“I do not govern by emotion. There is no knee-jerk reaction from me as Minister,” Gumbs said.
She stated that remarks made by Curaçao’s Acting Minister of Finance regarding separation are “for his own account,” and emphasized that St. Maarten will determine its course based on legal analysis, economic and financial stability considerations, institutional strength, and the best interest of the people of St. Maarten.
At the same time, the Minister warned that repeated public statements about separation cannot simply be brushed aside.
“When statements about separation are made publicly, and made more than once, they cannot simply be ignored,” she said. “Stability requires preparation, it requires strategic assessment, and it requires alignment between government and Parliament to safeguard our economic and financial stability.”
Minister Gumbs said any responsible assessment of the future structure of the monetary union must not be handled emotionally or in a fragmented way. Instead, she said, it must be coordinated, measured, and rooted in national interest. She stressed that government and Parliament must stand aligned in protecting the long-term economic and financial stability of the country.
The Minister also pointed to what she described as Curaçao’s visibly unified public posture on the issue, saying that regardless of political differences, unity becomes a strategic necessity when issues of economic and financial stability, monetary supervision, and international credibility are at stake.
“If we look at Curaçao’s public posture, they appear united in their stance. One after the other, voices emerge aligned, even in moments where the full facts may suggest a more nuanced narrative,” she said. “Whether one agrees with the opposition or not, when matters of economic and financial stability, monetary supervision, and international credibility are at stake, unity is not political convenience, it is strategic necessity.”
She added that when government and Parliament speak with one voice, St. Maarten strengthens its negotiating position, but when the country stands divided, it weakens its leverage.
Turning back to the legislation before Parliament, the Minister stressed that the five harmonized national ordinances on financial supervision are not about Curaçao, the CBCS, personalities, or union politics. Rather, she said, they are about protecting St. Maarten’s economic and financial stability.
“These five harmonized national ordinances on financial supervision are not about Curaçao or the CBCS. They are not about personalities. They are not about union politics. They are about protecting St. Maarten’s economic and financial stability,” Gumbs said.
She explained that the laws are designed to align St. Maarten’s supervisory framework with international standards, strengthen the country’s compliance architecture, and safeguard its banking and financial institutions. Failing to modernize and harmonize that framework, she warned, would expose the country’s economy to serious risk, with or without a monetary union, and would undermine economic and financial stability.
“Let me repeat that clearly, these laws protect St. Maarten whether we remain in the union or whether the future structure of the union changes,” she said.
Minister Gumbs further acknowledged that while the monetary union has historically served practical purposes, it is at times viewed as a “marriage of convenience” rather than a partnership rooted in long-term strategic alignment. She said that reality does not create panic, but rather clarifies the country’s responsibility.
“Partnership works best when both parties are strong, prepared, and equally positioned,” she said.
According to the Minister, passage of the ordinances would strengthen St. Maarten independently by reinforcing its credibility, resilience, sovereignty, and overall economic and financial stability.
“Passing these ordinances strengthens St. Maarten independently. It strengthens our credibility, it strengthens our resilience, it strengthens our sovereignty, and most importantly, it strengthens our economic and financial stability,” she told Parliament.
In closing her remarks before moving into the formal presentation on the draft ordinances, Minister Gumbs again pushed back against any narrative minimizing the importance of the meeting.
“To those who may wonder whether this meeting is a waste of Parliament’s time, I say respectfully, protecting the economic and financial stability of this country is never a waste of time,” she said. “Preparation is not panic. Compliance is not weakness. Institutional strength is not political theater. It is responsible governance.”
The Minister’s remarks set a firm tone for the parliamentary handling of the five harmonized financial supervision ordinances, while also signaling that the government is taking recent public developments surrounding the monetary union seriously and intends to approach any future decisions with caution, preparation, and a united national focus.
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