Central Banks Governors’ Club of Central Asia, Black Sea Region and Balkan Countries
The Central Banks Governors’ Club of Central Asia, Black Sea Region and Balkan Countries was established in 1998 as a platform for informal discussions. Today it comprises 26 members representing the central banks of Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, China, Croatia, Czech Republic, Georgia, Greece, Hungary, Israel, Kazakhstan, Kyrgyz Republic, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovenia, Tajikistan, Turkey and Ukraine.
Aims and goals
The Club’s main goal is to provide the central banks’ governors with a platform for discussing current issues of monetary policy, banking supervision, financial stability, banking sector development, financial technology and other aspects of central banks activities.
Bank of Russia’s cooperation with the Governors’ Club
The Bank of Russia has been a member of the Governors’ Club since 1999. It chaired the Governors’ Club four times over 2005 — 2006: in St. Petersburg (May of 2005), Moscow (November of 2005), Kazan (May of 2006) and Irkutsk (September of 2006). The 38th meeting of the Club was also chaired by the Bank of Russia in Moscow in September 2017; it was devoted to the normalisation of the monetary policy in the industrialised countries and its potential economic consequences for the members of the Club, as well as the consequences of the rapid progress in financial technology.
In 2018, the Club set up the Monetary Policy and Financial Stability Working Group. The Working Group is co-chaired by Russia and Turkey, two key players in the Governors’ Club, while the members of the Working Group are representatives of other countries’ central banks who focus on macroeconomic research, financial stability, and international cooperation.
The Working Group contributes to the discussion of the key points to be covered by the Club’s sessions by preparing the agendas, helping its members to define their positions on the issues and compiling discussion points. Twice a year, the Working Group provides a platform for experts to prepare topics to be discussed at the Club’s next meeting, including the key issues and regulators’ positions as well as some country-level aspects to be discussed by top representatives at the Club’s meetings.
The active role that the Bank of Russia plays in the Club helps establish the agendas of its sessions, exchange insights and practices, and provide expertise on the most vital issues to Russian financial market participants.