 27 Dec 00 – 2 Jan 2001 |
 |
 |
          |
|
|
 |
|
European Central Bank Seminar on accession process A seminar on the EU accession process was jointly organised in Vienna on 14 and 15 December 2000 by the European Central Bank (EC B) and the Oesterreichische Nationalbank (OeNB), the Austrian central bank. This seminar brought together representatives of the Eurosystem (which consists of the ECB and the national central banks of the 12 countries of the euro area) and the central bank governors of the 12 EU accession countries. The Vienna seminar, which was opened by the President of the ECB, Willem F Duisenberg, was the second such seminar on the accession process following the one held in Helsinki in November 1999. The seminar discussed important monetary issues relating to the smooth future integration of accession countries' central banks into the European System of Central Banks (ESCB) and, eventually, the Eurosystem. Whereas the Helsinki seminar had set out the general policy framework, this year's discussion focused on three specific issues: price dynamics in accession countries, the role of central banks in the accession process and co-operation between the Eurosystem and the accession countries' central banks. In particular, the seminar discussed convergence issues and noted that there is no common prescription for monetary policy strategies and for exchange rate regimes before accession into the EU. It is feasible to maintain different regimes as long as these are supported by an appropriate and stability-oriented economic policy stance. The Governor of the Central Bank of Malta, Mr Michael C Bonello, was a lead speaker in the discussion on price dynamics, competitiveness and monetary policy in the context of a fixed exchange rate regime like Malta's. He also intervened in the discussions on exchange rate arrangements and co-operation between the Eurosystem and the central banks of the accession countries. Over the past two years the Central Bank of Malta has established close relations with the ECB and strengthened its relationship with the central banks of the Eurosystem. Various officials from the Central Bank of Malta have attended courses, seminars and workshops organised by the ECB or other members of the Eurosystem, especially in areas related to central bank legislation, payment systems, statistical compilation, IT requirements and the balance of payments. The Central Bank of Malta has also built up good relations with the central banks of the accession countries. In particular, the Bank has pioneered a staff exchange programme for clerical grade staff with the Central Bank of Cyprus. | ||||||
| |||||||||
The Business Times, Network House, Vjal ir-Rihan San Gwann SGN 07
Tel: (356) 382741-3, 382745-6 | Fax: (356) 385075 | e-mail: [email protected]