European Central Bank and European Commission to help EU applicants strengthen financial supervision

On 19 January the European Central Bank (ECB) and the European Commission signed an agreement to implement a technical assistance programme for EU candidates and potential candidates from Southeast Europe (SEE).

The aim of the programme will be to strengthen macro and micro-prudential supervision in the Western Balkans and in Turkey. The programme, which is financed by the European Union, will last for two years and cost €2.65 million.

Within the framework of the programme, the ECB, together with the national central banks (NCBs) of the euro area, will organise a technical assistance programme for the benefit of the central banks and supervisory authorities of Croatia, the Former Yugoslav Republic of Macedonia, Albania, Bosnia and Herzegovina, Montenegro, Turkey, Serbia and Kosovo.

- The stability of the banking systems in the countries concerned is of utmost importance in achieving sustainable economic growth. The signing of the agreement strengthening micro and macro-prudential supervision in the Western Balkans and Turkey is instrumental in tightening and facilitating cooperation among all the institutions involved. In this way we also support the efforts of the countries concerned to keep their EU integration processes on track during the economic crisis - states Olli Rehn, the EU Commissioner for Enlargement.

Lorenzo Bini Smaghi, member of the Executive Board of the ECB in charge of international and European affairs, adds that the programme will help make macro and micro prudential supervisory institutions in the EU candidates and potential candidates aware of the most recent findings and recommendations identified and proposed by international and European institutions in response to the financial crisis.