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The Central Bank of Malta forms part of the European
System of Central Banks (ESCB) and the Eurosystem.
The ESCB is composed of the
European
Central Bank (ECB) and the national central banks
(NCBs) of all European Union Member States, including those
outside the Eurosystem. The latter term refers to the ECB and
the NCBs of euro area Member States.
As the central bank of a Member
State which has adopted the euro, the Central Bank of Malta
also forms part of the Eurosystem, the central banking system
of
the euro
area.
The latter is composed of the ECB and the NCBs of the EU Member
States that have adopted the euro.
Apart from the ECB and the Central
Bank of Malta, the Eurosystem also has as participants:
Banque Nationale de Belgique, Deutsche
Bundesbank, Eesti
Pank, Central
Bank of Ireland, Bank
of Greece, Banco
de España, Banque
de France,
Banca d'Italia, Central
Bank of Cyprus, Banque
centrale du Luxembourg, De
Nederlandsche Bank, Oesterreichische
Nationalbank, Banco
de Portugal, Banka
Slovenije, Národná banka Slovenska, Suomen
Pankki. The other members of the ESCB
include:
Bulgarian
National Bank, Česká Národní banka, Danmarks
Nationalbank, Latvijas
Banka, Lietuvos
bankas, Magyar
Nemzeti Bank, Narodowy
Bank Polski, Banca
Naţională a României, Sveriges
Riksbank, Bank
of England.
The Governor has been a member
of the General
Council of the ECB since 1 May 2004 and a member
of the Governing
Council since 1 January 2008.
The Governor has also been a member of the European Systemic Risk Board (ESRB) since its establishment on 1 January 2011.
The Governor
and Deputy Governor are respectively, the Governor and Alternate
Governor for Malta
on the International
Monetary Fund (IMF). The IMF maintains close links with
the monetary authorities in member states to fulfil its own
obligations to ensure a stable international monetary and exchange
rate system. The close relationship between Central Bank of
Malta and the IMF stems from statutory obligations assumed
when Malta joined the Fund in 1968. It is responsible for conducting
all
Malta's financial transactions with the Fund.
The Governor is also Alternate
Governor for Malta at the European
Bank for Reconstruction and Development (EBRD) and attends
the Annual General Meeting of the Bank
for International Settlements (BIS) in an observer capacity.
The Bank regularly monitors developments
within all these institutions and co-operates with such institutions
in furthering the implementation of new initiatives falling
within their mandate, particularly those related to international
monetary and financial stability and economic development.
The Bank also advises the Ministry
of Finance, the Economy and Investment on selected issues arising
from
Malta’s membership in the International
Bank for Reconstruction and Development (IBRD) and in the
Multilateral Investment
Guarantee Agency (MIGA), which are institutions of the World
Bank Group.
The Central Bank of Malta and
the Malta Financial Services Authority (MFSA) are signatories
to two memoranda of understanding between the ECB, the NCBs
and the supervisory authorities of the ESCB: the 2003 Memorandum
of Understanding on the ‘High Level Principles
of Cooperation between the Banking Supervisors and Central
Banks of the EU
in Crisis Management Situations', and the 2001 Memorandum of
Understanding on ‘Co-operation between Payment Systems
Overseers and Banking Supervisors in Stage Three of the Economic
and Monetary Union’. Furthermore, the Central Bank of
Malta, together with the MFSA
and the Ministry of Finance, the Economy and Investment are
signatories to the 2008
Memorandum of Understanding on ‘Cooperation
between the Financial Supervisory Authorities, Central Banks
and Finance Ministries of the European Union on Cross-Border
Financial Stability’ to facilitate the management
and resolution of cross-border systemic financial crises. The
Central
Bank of Malta participates in various committees of the EU
and the ESCB. The Central Bank
of Malta
and the MFSA participate
jointly on the European Banking Authority (EBA).
Malti
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