Press release of the Banco de Portugal on the 2020 Annual Report on Cooperation

Annual Report on Cooperation

The Banco de Portugal published today the 2020 Annual Report on Cooperation, which reports on the Bank’s technical cooperation with counterparties in emerging and developing countries, contributing to strengthen international monetary and financial stability.

The pandemic led to a decline in the number of cooperation activities carried out in 2020. However, the importance of cooperation in exceptional circumstances such as the present one and its ability to adapt made it possible to broaden topics and reconvert cooperation modalities, mostly through the use of digital communication.

In 2020 the Banco de Portugal carried out 110 cooperation activities, 83% of which remotely, involving approximately 450 of its staff. Portuguese-speaking countries and European Union neighbouring countries remained its main partners, with 77 and 16 activities respectively.

In addition to sound cooperation in areas such as supervision and financial stability, economic analysis and statistics, activities in governance and internal organisation have gained in importance.

From among the initiatives carried out in 2020, particularly important were activities on topics resulting from the pandemic and the interest shown by staff from the central banks of Portuguese-speaking countries in the training courses of the Banco de Portugal Academy. Also of note is the provision of the documentary database on the history of economic relations in the former escudo monetary zone, the XXX Lisbon Meeting in virtual format and the participation of the Banco de Portugal in the European Union’s Twinning programmes.

The report includes an analysis of the results of the recent international survey promoted by the Banco de Portugal on new trends in cooperation.