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The conference reviewed lessons learned and discussed ways to further enhance cooperation between central banks. A particular focus was on the best way to incorporate into national policy settings best practices and international standards advocated by institutions such as the Bank for International Settlements (BIS), the International Monetary Fund (IMF) or EU bodies including the ECB.
Several speakers noted that knowledge-sharing and technical cooperation among central banks “is not a one-way street”. Instead, technical assistance has now become technical cooperation. “Those who were helped in the beginning have now turned into helpers themselves”, said Jörg Asmussen, Member of the ECB’s Executive Board.
Other topics for discussion included the strengthening of financial systems through stronger cooperation on micro- and macro-prudential supervision.
Finally, the conference looked specifically at the role of central bank cooperation during and after the crisis, in particular in dealing with the cross-border implications of central banks conducting monetary policy within their respective jurisdictions.
The swap agreements between central banks to mitigate liquidity shortages were mentioned as an example of such cooperation.