Western Balkans central bank capacity program kicks off Phase III
Chiara Scotti, Deputy Governor of Banca d'Italia, delivered the opening address today in Rome for Phase III of an EU-funded program. The initiative strengthens central bank and supervisory capacities in the Western Balkans, supporting their path towards EU integration.
EU-wide support for Balkan integration
Banca d'Italia Deputy Governor Chiara Scotti officially opened Phase III of the EU-funded capacity building program for Western Balkan central banks and supervisory authorities today in Rome.
This significant kick-off meeting marks a renewed commitment to fostering robust financial institutions in the region.
The program, initially launched by the Deutsche Bundesbank, involves a broad collaboration across the European System of Central Banks (ESCB), including 19 national central banks and the European Central Bank, alongside the European Commission.
This extensive partnership underscores the collective European effort to prepare candidate and potential candidate countries for eventual full integration into the European Union and the ESCB.
The initiative specifically targets the six Western Balkan countries: Albania, Bosnia and Herzegovina, Montenegro, Kosovo, North Macedonia, and Serbia, aligning directly with the EU's enlargement policy and its strategic objectives for regional stability and economic convergence.
Aligning with EU financial standards
The program's core objective is to align the financial and supervisory frameworks of the Western Balkan countries with established EU standards.
Enhancing the technical and operational capabilities within their central banks and supervisory bodies is crucial for bolstering regional financial stability and resilience.
This alignment facilitates smoother economic integration and prepares these nations for the rigorous demands of eventual EU membership.
The comprehensive support spans monetary policy implementation, financial supervision, statistics, and payment systems.
This foundational capacity building is vital for sustainable economic development and fostering investor confidence.
A strategic investment in stability
This program represents a vital, long-term strategic investment in the economic and financial stability of a crucial European region.
While technical in nature, its implications extend to geopolitical alignment and the future cohesion of the European project.
The continued commitment from the EU and ESCB members signals a clear path for integration, offering tangible support beyond mere rhetoric.