The Bundesbank’s Representative Office in New York is located on Park Avenue in Manhattan and this has been its base for 40 years now. New York has long been and remains the world’s most important financial centre. What happens here affects markets worldwide, stressed Executive Board member Burkhard Balz at celebrations to mark the 40th anniversary. It is still vital that the Bundesbank has a local presence. The Representative Office brings people together and strengthens networks, especially on occasions such as this evening, Mr Balz said. His welcome remarks also addressed upcoming staff changes in the team at the Representative Office.

Around a hundred guests attended the ceremony, which was opened by Simon Keller, Head of the New York Representative Office. Among them was Anna Nordstrom, Head of the Markets Group at the Federal Reserve Bank of New York. In her speech, Ms Nordstrom stressed the importance of cooperation among central banks and the role representative offices play. In an interconnected global economy and with high geopolitical uncertainty, local contacts are essential for building trust. In this context, she also praised the work of the Bundesbank’s Centre for International Central Bank Dialogue (CIC), which, like the Federal Reserve Bank of New York, facilitates exchange among central bankers in seminars and conferences.

Wide range of tasks

The Representative Office observes and analyses monetary policy, economic and political developments in the area – not only in the United States, but also in Canada and Mexico. The insights gained are passed on to Central Office in reports and ad hoc reports, amongst others. Our colleagues maintain a broad network, which includes contact persons at the Federal Reserve System and supervisory authorities, as well as financial sector players, associations and think tanks. At regular intervals, the Representative Office also coordinates visits by members of the Executive Board and other Bundesbank executives and accompanies them on their appointments in New York. The office of the Directorate General Markets has likewise been housed on the Representative Office’s premises for almost two decades, with a focus on North American money and capital markets.

Well positioned for the future

At the anniversary celebration, Mr Balz looked to the future and stressed: My hope for the Representative Office is that it will remain in New York for the next 40 years and be just as lively as it is today. I would like to thank all those who have given our Representative Office a face over the past 40 years and those who are still enlivening it today.