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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, Central
Bank and Financial Services Authority 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, Suomen
Pankki.
The other members of the ESCB
include:
Bulgarian
National Bank, Ceska
Narodni Banka, Danmarks
Nationalbank, Eesti
Pank, Latvijas
Banka, Lietuvos
Bankas, Magyar
Nemzeti Bank, Narodowy
Bank Polski, Banca
Nationala a Romaniei, Narodna
Banka Slovenska, 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
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 parties to
(i) the Memorandum of Understanding on high-level principles
of co-operation in crisis management situations, in force since
1 March 2003, and (ii) the Memorandum of Understanding on co-operation
between payment systems overseers and banking supervisors in
Stage Three of Economic and Monetary Union, in force since
1 January 2001. Both the Bank and the MFSA are
represented on the Committee
of European Banking Supervisors (CEBS).
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