The BCL joins Phase III of the EU-funded ESCB programme to strengthen the central bank capacities in the Western Balkans

The Banque centrale du Luxembourg steps up its contribution to capacity building for Western Balkans central banks. The BCL reaffirms its long-standing commitment to strengthening central banking capacities in the Western Balkans, a strategic region in the EU enlargement process. The BCL has been supporting this initiative since its launch in 2019 and will also be participating in Phase III of this EU-funded three-year programme, coordinated by the Deutsche Bundesbank and funded by the European Commission and contributing national central banks.

Twenty national central banks of the European System of Central Banks (ESCB) and the European Central Bank (ECB) have today jointly launched Phase III of the EU-funded “Programme for Strengthening the Central Bank Capacities in the Western Balkans with a view to the integration to the European System of Central Banks”. The aim of the programme is to further strengthen the institutional capacities of the final beneficiary institutions, notably by enhancing their analytical and policy tools and by translating the best international and European standards into national practices. The programme will benefit the Bank of Albania, the Central Bank of Bosnia and Herzegovina, the Banking Agency of the Federation of Bosnia and Herzegovina, the Banking Agency of Republika Srpska, the Central Bank of the Republic of Kosovo, the Central Bank of Montenegro, the National Bank of the Republic of North Macedonia and the National Bank of Serbia. The European Union has allocated €3 million to the programme from its Instrument for Pre-Accession Assistance (IPA III).

Over the next 36 months, partner EU central banks, with contributions by the ECB, will organise an intensive regional training programme on key central banking and supervisory issues. The main thematic focus will be on new developments in central banking and financial supervision in the areas of anti-money laundering and combating terrorism financing, cyber risks, data science and management, digital transformation, innovation, and artificial intelligence at central banks. There will also be high-level meetings on the current topics in focus such as central bank independence as well as new developments in payment systems. Furthermore, the new programme will continue to significantly support the implementation of specific bilateral measures in addition to the regional training events.

Within Phase III, the BCL will contribute substantially to both the regional training programme and targeted bilateral measures. BCL experts will participate in nine training events (out of 21) in core central banking functions, namely:

• AML/CFT
• Foreign reserve management
• Statistics
• Cybersecurity
• Central bank governance
• Payment systems
• Internal audit
• Communication
• Accounting

In addition, the BCL will participate in two bilateral measures with the Bank of Albania in Legal services matters, and with the Central Bank of Kosovo in Asset management issues.

The programme is being implemented by the Bundesbank as its coordinator in partnership with the Nationale Bank van België/Banque Nationale de Belgique, Българска народна банка (Bulgarian National Bank), the Bank of Greece, the Banco de España, the Banque de France, Hrvatska narodna banka, the Central Bank of Ireland, Banca d’Italia, Lietuvos bankas, the Banque centrale du Luxembourg, the Magyar Nemzeti Bank, De Nederlandsche Bank, the Oesterreichische Nationalbank, Narodowy Bank Polski, the Banco de Portugal, Banca Naţională a României, Banka Slovenije, Národná banka Slovenska and Sveriges Riksbank. The European Central Bank will contribute to the project’s implementation.

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