Introduction to Central Bank Cooperation
The governor of the Bank of Portugal, Álvaro Santos Pereira, recently called for a deeper relationship of cooperation between Lusophone central banks. This cooperation aims to strengthen the relationship between central banks and increase their influence in the international economy and diplomacy.
The Proposal for Deeper Cooperation
Álvaro Santos Pereira proposed meetings several times a year, either in Washington during the Annual Meetings of the World Bank and the International Monetary Fund (IMF), or on a rotating basis in different countries. This proposal is based on the model of the G20 or G7 meetings, which have successfully promoted cooperation and discussion among member countries. The goal is to share experiences, debate, and strengthen cooperation among Portuguese-language central banks.
Key Topics for Discussion
Some of the key topics that will be discussed in these meetings include price stability, financial literacy, the informality of economies, increasing bankarisation, combating fraud, and sharing supervisory experiences. These topics are crucial for the development of the economies of the Portuguese-speaking countries and will benefit from the exchange of ideas and experiences among central banks.
Extension of the Mobility Programme
In addition to more regular meetings, Santos Pereira also called for an extension of the internal mobility programme among central bank staff. The current programme has a short duration and focuses on too many projects, which can be improved by extending the timeframes to 1 or 2 years and reducing the topics. This will improve the attractiveness of the mobility programme and allow employees to gain more in-depth knowledge and experience.
Virtual Seminars and Training
The governor also proposed an increase in virtual seminars to discuss economic forecasts and for teams to present studies and research. Furthermore, he called for more in-depth training in statistics, which is essential for central banks to make informed decisions. These virtual seminars and training programmes will facilitate the exchange of ideas and knowledge among central banks and improve their capabilities.
Conclusion
In conclusion, the proposal for deeper cooperation between Lusophone central banks is a significant step towards strengthening their relationship and increasing their influence in the international economy and diplomacy. The extension of the mobility programme, virtual seminars, and training in statistics will all contribute to achieving this goal. With the successful implementation of these initiatives, the Portuguese-speaking central banks will be better equipped to address the challenges facing their economies and promote economic development and stability.
