International relations and analysis
The ECB cooperates internationally when carrying out tasks entrusted to the Eurosystem and the Single Supervisory Mechanism. This cooperation includes:
- formulating and representing policy positions in its areas of competence
- exchanging information and views and assessing economic developments with other policymakers in multilateral organisations and fora, as well as bilaterally
- engaging with international institutions in their monitoring of the euro area and the ECB’s monetary policy, such as the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD)
- participating in international efforts to develop rules and best practices to improve financial stability and the efficiency and transparency of policymaking
International cooperation is voluntary and non-binding, so it does not impinge on the ECB’s domestic mandate and independence. Under exceptional circumstances, the ECB may coordinate its actions with those of central banks outside the euro area, as occurred during the global financial crisis.
Involvement in international institutions and fora
The ECB has permanent observer status at the IMF. It can participate in IMF Executive Board meetings on specified topics and topics relevant to the mandate of the ECB.
As part of the European Union delegation the ECB participates in meetings of G20 finance ministers and central bank governors as well as their substructures. It also takes part in meetings of G7 finance ministers and central bank governors.
The ECB is a member and shareholder of the BIS. It participates in the BIS governing and oversight bodies and in all committees and working groups based on this institution, including:
- the Basel Committee on Banking Supervision
- the Committee on Payments and Market Infrastructures
- the Committee on the Global Financial System
- the Markets Committee
The ECB participates in a number of committees and working groups of the OECD, where it acts as a separate member of the European Union delegation alongside the European Commission.
The ECB participates in the Financial Stability Board and a number of its substructures.
Relations with non-EU central banks
The ECB maintains relations with central banks of advanced and emerging market economies outside the EU. Exchanging views and information enables the ECB to better understand the external environment of the euro area and to explain its policies.
The ECB also engages in international central bank cooperation.
Analysis of international issues
The ECB monitors and analyses a wide range of international economic, financial and monetary issues relevant for fulfilling its mandate. This includes:
- monitoring and analysing economic conditions and cyclical developments in the global economy and relevant policies in third countries (more)
- preparing macroeconomic projections of the euro area’s external environment and conducting simulation and scenario analysis related to the external environment
- monitoring the international role of the euro
- analysing issues related to the international financial architecture and other policy-relevant topics