International activity

The activity of Banco de Portugal has been evolving in an international context, either for fundamental economic reasons associated with the overall rationale of the current economic and financial system, or for institutional framework reasons, given that Portugal, in addition to being member of a number of international organisations, is a Member-State of the European Union integrating the euro area.

The international activity of the Bank is hence spread across different international fora. The Bank participates and intervenes in discussions and decisions with a direct or indirect impact on the Portuguese economy or on the monetary area of which it is part. Such participation includes, namely, the monitoring of the major issues and debates related to the global economy, the policy-review, discussion and decision-making process, the design of strategies and the definition of the international financial system architecture and also the preparation, contribution and technical adjustment for efficient participation, in line with the international standards and codes of good practices in force.

As for the international activity of the Bank, stress should be laid on its role within the European System of Central Banks (ESCB), which integrates the European Central Bank (ECB) and the national central banks (NCBs) of the 27 European Union Member-States, and in particular within the Eurosystem, the euro area central banking system which includes the ECB and the NCBs of the euro area countries.

Reference should also be made to the regular participation of the Bank in the activities of the Economic and Financial Committee (EFC), created by the Treaty on European Union, which establishes an important framework for dialogue among representatives of the Ministries of Finance, NCBs, the European Commission and the ECB, and of the European Systemic Risk Board (ESRB).

Another important segment of the international activity of Banco de Portugal is cooperation with other central banks and monetary authorities, mainly of the Portuguese-speaking African Countries and Timor-Leste, as well as with emerging economies and other low-income countries.