The National Bank and Deutsche Bundesbank deepen cooperation to strengthen institutional capacity

The National Bank Governor Trajko Slaveski met with Burkhard Balz, member of the Executive Board of Deutsche Bundesbank, to discuss further deepening of bilateral cooperation, with a particular focus on increasing institutional capacities in key central banking areas.

The meeting highlighted the importance of continued inter-institutional cooperation, especially in exchange of expertise and practices that contribute to building resilient institutions and in areas that bring us closer to European regulations and standards. The Deutsche Bundesbank support for the National Bank is crucial for the process of expert and technical capacity building and modernization.

Governor Slaveski emphasized that the National Bank is fully committed to harmonization of domestic regulations and practices with the EU acquis, with the cooperation with Deutsche Bundesbank being of particular significance.

"European perspectives are of great strategic importance for the National Bank which is highly dedicated to reform programs and other strategic EU integration-related documents. The National Bank has been constantly striving for timely introduction of European standards crucial for sound financial system. This has also been recognized by the relevant European institutions, which assess it as highly harmonized in areas under its jurisdiction," said Governor Slaveski.

He further added that in recent years, the National Bank has proved to be a modern institution with strong capacity and readiness to join the European family. At the meeting, it was jointly assessed that European regulation is constantly being improved, which requires ongoing monitoring and applying the latest regulatory changes and practices.

The National Bank and Deutsche Bundesbank have implemented a number of activities within their cooperation aimed at exchanging experiences, improving analytical tools and applying the best international and European practices. In addition to bilateral support, Deutsche Bundesbank has also been the major provider of technical assistance from the European System of Central Banks to the central banks in the region, completing the second phase of this assistance. This cooperation has contributed to further building up of all National Bank capacities.

Mr Balz expressed his appreciation for many years of loyal cooperation with the Bundesbank and, in particular, highlighted the National Bank’s active support in advancing the Western Balkans project into a Phase III. He emphasized that promoting regional cooperation among the central banks and banking supervisory authorities of the Western Balkans has proven to be an effective means of aligning with EU standards and the best practices of the European System of Central Banks (ESCB).