International Cooperation (IC) is a facet of the Banco de España’s international relations. It is defined as the set of strategies, policies and measures aimed at promoting and providing for the transfer and exchange of knowledge, experience and good practices between the Banco de España and other central banks, supervisory and regulatory agencies, and international institutions with responsibilities in the monetary and financial area.
IC is a channel of the Banco de España’s external relations that seeks to establish and develop stable cooperative links with institutions with which it shares interests and objectives. In providing a means for mutual awareness and the pooling of central bank criteria, standards and methodologies, IC contributes to the goals of monetary and financial stability.
International cooperation is pursued either bilaterally – involving activities conducted directly with the counterpart institution – or multilaterally, through the participation in activities promoted by other international institutions or agencies, including most notably the Center for Latin American Monetary Studies (CEMLA), the Association of Supervisors of Banks of the Americas (ASBA), the Executive Secretary of the Central American Monetary Council (SECMCA), the European Central Bank (ECB), the International Monetary Fund (IMF) and the World Bank (WB).
The counterparts of the IC are central banks, supervisory agencies and international public institutions involved in the monetary and financial policies of third countries, with closely forged links in the case of the Latin American countries. Cooperation with the central banks of European Union candidate and potential candidate countries is essentially through joint Eurosystem programmes.