In early December, the NBU hosted the first international roundtable on the changing role of central banks in modern international relations.
During the two-day online event, experts discussed the current trends in building a central bank’s relationship with international institutions, including IFIs, practical aspects of international technical cooperation, and features of setting up protocol processes and managing linguistic assets.
More than 60 experts from the central banks of Austria, Albania, Andorra, Belgium, Bosnia and Herzegovina, Armenia, Georgia, Italy, Spain, Kyrgyzstan, Colombia, Lithuania, Morocco, Moldova, the Netherlands, Northern Macedonia, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Türkiye, Uzbekistan, France, Croatia, and Sweden participated in the roundtable.
“The NBU’s proactive approach to cooperation with international institutions, central banks, financial sector regulators, and investors is helping build out a strong, transparent, and reliable financial system in Ukraine. I am convinced that this roundtable will become a platform for expert discussions and will help identify opportunities for the institutional growth of each participant,” NBU Deputy Governor Sergiy Nikolaychuk said in his welcome speech.
The discussion focused on three major trends:
(1) accelerated pace of international cooperation
This tendency was highlighted by all participants. Speakers also emphasized the importance of maintaining constant dialogue with international partners, building a network of contacts, and continuously improving the level of expertise of specialists through strategic planning and prioritization of tasks.
(2) expansion of existing and creation of new communication platforms for sustainable development of both domestic and international financial systems
The COVID-19 pandemic has triggered an explosive growth in digital technologies. Virtual forms of cooperation have in effect become the main venue for interaction due to the flexibility and speed they offer in terms of hosting events, reaching out to wider audiences, and being able to respond fast to today’s challenges.
(3) integration and adjustment of global and domestic financial policies based on unique experience-driven practices that are introduced through the proactive role of central banks in international cooperation.
In times of instability, effective and reliable central banks have been playing an increasingly crucial role in combating uncertainty, said Jorgovanka Tabaković, Governor of the National Bank of Serbia. Central banks are currently faced with the task of maintaining their independence and poise, while also keeping abreast with dynamic changes on a daily basis. International cooperation between central banks is what will empower them to meet future challenges, she said. Such interactions promote deeper insights into each other’s practices, facilitate learning and self-improvement by replicating the successes of colleagues, and thus allow central banks to maintain their global outreach.
The presentation by Jorgovanka Tabaković has been posted on the BIS website, highlighting the importance of the event initiated by the NBU for the international community of central banks.
“International cooperation is a vital element of any central bank’s operation. Thanks in large part to being effective and performance-oriented in this area, we have been able to succeed in macroeconomic and financial stabilization, economic growth, and reform,” said Volodymyr Kuchyn, Head of the Office for European Integration and International Programs at the NBU.
Overall, the international roundtable participants commended the relevance of discussion topics and reiterated their commitment to participate in similar events, going forward, to share experiences and address pressing issues in international cooperation.