ECB and Bank of Russia sign cooperation agreement
Mario Draghi, president of the European Central Bank (ECB), and Sergey Ignatiev, chairman of the Bank of Russia, have signed a memorandum of understanding for continued cooperation on central banking.
The partnership will involve regular dialogue at the technical and policy levels, an information exchange on economic and financial developments, and a joint programme of cooperation activities.
The parties will begin by focusing on monetary policy, financial stability and banking supervision.
The ECB will implement the coopoeration programme together with Eurosystem national central banks.
In March 2011, the Eurosystem completed a three year cooperation programme with the Bank of Russia in the areas of banking supervision and internal audit, financed at a cost of €3m by the European Union.
The banking supervision component of the programme was aimed at enhancing the Bank of Russia’s institutional capacity to maintain the stability of the Russian banking system.
Its key focus area was the transition of Russian banks to Basel II based on the experience of the EU.
As part of the programme, the Bank of Russia looked at recommendations on internal processes for capital adequacy assessments of Russian banks.
Apart from the European Central Bank, the programme also involved other European banks, such as Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, De Nederlandsche Bank and others.
The ECB says ongoing dialogue is maintained through regular meetings at the G20 level and through regular Eurosystem and Bank of Russia seminars addressing central banking issues.