a cautious approach, it has been warned.

That was the message from Bermuda College economic lecturer Craig Simmons, as he addressed the third independence forum held on the Island.

Speaking at Somerset Cricket Club, he said the Island would need to exercise care if it wanted to ease itself into a world financial market after cutting ties with Britain.

He warned that the Island could risk losing many things that are considered unique to Bermuda. Monetary power would be one of them.

"There are some serious problems,'' he said. "Bermuda is a wonderful place for some, but a stressful environment for others. If we jumped into this global system, we need to be careful in the future that our children will thank us for it.'' On a financial basis, Bermuda already had a fair amount of control in some areas, he said. And the Island already conferred to many of the global restrictions.

"In many ways we are already in a straight jacket because we have joined the global economy already,'' Mr. Simmons said. "With the sweet comes the sour.

It is not clear that independence is going to change a lot of that.'' Former United Bermuda Party candidate and businessman Bob Stewart also spoke of the possible pitfalls of being part of Britain.

He warned that acceptance of the White Paper on Overseas Dependent Territories would bring Bermuda in line with what happened in Europe.

If the UK became part of a United States of Europe with political as well as financial union, then Bermuda may have to confer to regulations imposed by Brussels -- in particular those aimed at harmful tax regimes, he warned.

The forum also heard from independence campaigner Phil Perinchief, lawyer Ian Kawaley and Walton Brown of the Committee for the Independence of Bermuda.

ART FESTIVAL ON SUNDAY ART Art Festival on Sunday The postponed Art Festival by the Sea will take place tomorrow on Front Street.

The event -- which was postponed last Sunday due to inclement weather -- will mean the street will be closed for most of the day.

A concert in the park will also be held on Front Street, beginning at 5 p.m.