International Cooperation is a well-established function of the Banco de España, through which the exchange of knowledge, experiences, and best practices is facilitated with other central banks, supervisory and regulatory authorities, as well as international institutions with responsibilities in the monetary and financial fields. Its fundamental purpose is to contribute to the institutional strengthening of the participating entities.
In recent years, this function has experienced significant growth in the number of activities, positioning the Banco de España as a technical benchmark and a highly valued partner within the international community of central banks. Although Latin America continues to be the priority geographical area, cooperation has extended to other regions of strategic interest, in line with the priorities of the European System of Central Banks (ESCB).
Aware of the growing importance of this function, the Governing Council of the Banco de España commissioned the Independent Evaluation Office (IEO) to carry out an external evaluation with the aim of identifying opportunities for improvement to enhance its effectiveness, sustainability, and impact. The evaluation was conducted with the collaboration of a panel of renowned experts in the field of international cooperation, composed of Gill Hammond (Bank of England), Juan José Fernández Ansola (World Bank Group), and Alejandro Werner (Georgetown University).
The scope of the evaluation, defined in the Terms of Reference 
(466 KB), covered the main pillars of international cooperation: strategic lines, governance, efficiency in the development of activities, and their impact on beneficiary partners. The conclusions of the report were presented to the Governing Council in November 2024.
Among the main findings, the IEO highlights the need to move towards a more strategic and proactive model of international cooperation. To this end, the report proposes a set of recommendations structured around four major areas, which are presented in the following table, with more details in the report:
Strategy and Planning
- Update the strategy for international cooperation, aligning it with the Bank’s strategic plan, to define explicit goals that guide decision-making and enable more structured and proactive planning.
- Strengthen annual action plans with objectives, priority initiatives, and monitoring criteria, thereby facilitating the efficient allocation of resources.
Maintain the current geographical coverage to avoid expansion that is not aligned with strategic priorities. - Explore new partnerships and diversify current cooperation partners, including institutions such as the International Monetary Fund (IMF), the Bank for International Settlements (BIS), or universities, to broaden the scope and effectiveness of activities.
Governance
- Design and implement a comprehensive budget for international cooperation, allowing for a clear understanding of the actual volume of resources invested, the establishment of priorities, and improved accountability. This budget could be introduced gradually to ease its management.
- Strengthen institutional leadership and accountability, ensuring that international cooperation is perceived as a cross-cutting and strategic function, with explicit support from senior management.
- Reassess the usefulness of Memoranda of Understanding (MoUs), limiting their use to cases where they provide clear added value and avoiding unnecessary administrative burdens.
Organization
- Create an International Cooperation Institute, initially in a virtual format, to centralize activities, standardize the institutional image, and facilitate access to content and services for both internal and external users.
- Consolidate international cooperation knowledge by collecting experiences, materials, and best practices from all involved areas, in order to improve coordination and efficiency.
Processes and Communication
- Develop a framework for evaluating the impact of international cooperation, to measure results, identify areas for improvement, and justify the investment of resources.
Create a knowledge base, including repositories of courses, documents, employee experiences, and practical guidelines, to facilitate internal learning and the integration of new participants. - Review and strengthen the communication strategy, both internal and external, through the preparation of an Annual Report on International Cooperation, increased presence on social media, and awareness-raising activities within the Bank (blogs, videos, informational meetings).
- Develop a framework for evaluating the impact of international cooperation, to measure results, identify areas for improvement, and justify the investment of resources.
