The Vice Governor of the National Bank, Ana Mitreska, participated in the round table titled Ensuring Effective Coordination of the Central Banks and the Ministries of Finance, held on the Tuesday in Kishinev, Moldova, within the program at the annual meeting of the Governing Board of the Center for Excellence in Finance (CEF). In the discussion at the round table, she addressed the process of continuous improvement of the institutional structure and the corporate governance in the central banks, as a basic prerequisite for successful achievement of their goals.
In her speech, Mitreska placed the emphasis on the factors which in the last period have effects on the institutional setup of the central banks in the region, but also on the ministries of finance, as well as on the mechanisms for mutual cooperation and coordination between the two institutions. “The first factor is of a generic nature and refers to the changes imposed by the emergence of the global crisis from 2008, while the second factor is more specific for the region and refers to the processes of integration of the countries into the European Union, which require intensive cooperation and coordination at the institutional level” - she said at the beginning of her speech.
Then, the Vice Governor pointed to the changes caused by the global crisis by expanding the functions of central banks, especially in the field of macro-prudential policy. She emphasized that these changes affect the institutional framework and the management of both the central banks and the ministries of finance, but also with other financial system regulators. In this context, in her speech Mitreska presented the current setup in our country and also addressed the directions for the future changes, which will be realized in order to harmonize with the best international practices.
Subject matter of the round table were also the effects caused by the global crisis by strengthening the so-called economic supervision of the European Commission, especially through the procedure for macroeconomic imbalances. As emphasized, this increases the need for close coordination and cooperation between the central banks and the ministries of finance in the process of providing consistent and quality data, as a basis for monitoring the economy at different stages of the process of European integration of the candidate countries for membership in the European family. The Vice Governor Mitreska indicated the exceptionally good cooperation and the institutional setup in this area of the two institutions in our country, through the active functioning of joint working groups in the area of statistics, which is also a positive example at the regional level.
After the round table, the CEF Governing Board, which is also constituted of our central bank, held its regular annual meeting, and discussed and adopted several materials from the domain of its operations.
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