The main objective of this cooperation is to enhance mutual awareness and understanding of the ECB’s and partner central banks’ policies and the underlying motivation and analysis. It reflects the growing role of G20 emerging market economies in the global economy and financial system.
The ECB therefore regularly cooperates with these partners, often on the basis of memoranda of understanding, such as those with the central banks of China (2008), Turkey (2012), India (2015) and Brazil (2016).
Cooperation with global and regional institutions involved in international cooperation helps disseminate the ECB’s policy messages and technical expertise throughout different regions of the world.
The ECB maintains structured relations with other main providers in the area of central bank cooperation, both at the global level – the Bank for International Settlements (BIS) and International Monetary Fund (IMF) – and with regional structures such as the Arab Monetary Fund (AMF), the Association of African Central Banks (AACB), the Center for Latin American Monetary Studies (CEMLA), the South-East Asian Central Banks Research and Training Centre (SEACEN) and the Gulf Monetary Council (GMC).
The ECB supports institution-building and best practices in central banks of countries with EU accession perspectives. It helps these institutions with their preparations to join the ESCB (which is a requirement once their countries have become EU Member States).
International central bank cooperation is an important tool for strengthening the institutional capacity of central banks to ensure compliance with EU and international central banking standards.
