Deputy Governor’s message

In 2022, Russia's invasion of Ukraine and the economic and geopolitical fallout that ensued compounded the challenges already brought about by the pandemic, such as global supply chain bottlenecks and widespread inflation. The way central banks responded to these challenges came in for particular scrutiny and, against this backdrop, cooperation between central banks and international institutions became increasingly relevant.

International cooperation not only serves to enhance and enrich the expertise and skills of our institutions, it also fosters dialogue and, by extension, a better understanding of new challenges and how they might be addressed.

In its cooperation activities, the Banco de España’s strategic goal is to forge ties with the international community so as to position ourselves as a key player and enhance our capacity to exert influence. To this end, we will continue endeavouring to consolidate and implement the bilateral agreements we have signed in recent years, particularly, albeit not exclusively, with the Latin American region. We will also seek to further develop multilateral activities with other institutions. The recent appointment of our Governor Pablo Hernández de Cos as Chairman of the Governing Board of the Center for Latin American Monetary Studies (CEMLA) is particularly worthy of mention.

As always, the activities for 2023 will call upon the dedication and expertise of all areas of the Banco de España, in a highly uncertain and complex geopolitical and economic setting.

In-person activities, which had already been resumed in 2022, will be stepped up this year, while maintaining online formats, mainly for training activities. Notable new activities include: a seminar on remittances and migration, a course on technological risk inspection and a course on machine learning.

Initiatives have also been proposed by other international institutions and bodies, such as CEMLA, the Executive Secretariat of the Central American Monetary Council (SECMCA) and the Association of Supervisors of Banks of the Americas (ASBA), all key partners in Latin America, the prime focus of the Banco de España’s cooperation initiatives.

Lastly, it is worth highlighting the activities to be carried out under the auspices of the European System of Central Banks, such as the joint programmes for the Western Balkans, and Africa, a region specifically singled out in the European Union’s new global strategy.

Taking part in these international cooperation initiatives and working together to encourage a free and frank exchange of views in the international community of central banks and financial supervisors will help to enhance expertise and bolster our capacity to make an impact on the international stage.

Margarita Delgado
Deputy Governor
Chair of the International Cooperation Committee