A Bundesbank delegation led by Martin Dinkelborg (Director of the Centre for International Central Bank Dialogue - CIC) travelled to the Principality of Andorra at the end of May 2025. The aim of the visit was to commence an initial dialogue with public financial institutions, to exchange views on economic and fiscal policy issues and to discuss possible areas of cooperation. 

The programme focused on discussions with the Andorran Ministry of Finance and the Andorran Financial Authority (AFA). An informal dinner with high-level representatives, including Lorena Jordana, State Secretary for International Finance, and Álvaro García Navarro, Chief Negotiator in concluding the EU Association Agreement, provided an opportunity for in-depth discussions. An exchange with H.E. Jaume Serra Serra, the Ambassador of Andorra to Germany, was also part of the agenda. 

The discussions covered a wide range of topics, including the economic development of Andorra, the monetary agreement with the EU, the EU Association Agreement and the particular challenges faced by a country without its own central bank. Emphasis was placed on Andorra’s interest in closer cooperation with the Bundesbank, for example in the areas of management of foreign reserves or banking supervision, and in participating in the international central banking courses offered by the CIC.

The visit is part of an initiative by the Bundesbank aimed at deepening relations with small European states. Bundesbank delegations had previously already visited San Marino and the Vatican. Both the German visitors and their Andorran hosts deemed the meetings to be a complete success. Our partners in Andorra underlined their interest in continuing the talks and plan to travel to Frankfurt with a delegation. 

Martin Dinkelborg was full of enthusiasm: "It was fascinating to experience the economic and institutional features of this unique country first hand. We were impressed by the energy and commitment shown in Andorra. I look forward to the next steps in this promising collaboration." He was accompanied by Fabian Huttner and Julian Berner, Bundesbank representatives from Madrid and Paris. For them, it was probably the most interesting and memorable business trip during their term of office.