Successful completion of EU-funded twinning project with National Bank of Serbia

Burkhard Balz, Member of the Executive Board of the Deutsche Bundesbank

The EU twinning project “Strengthening of the institutional capacities of the National Bank of Serbia (NBS) in the process of EU accession” recently came to an end. A consortium led by the Deutsche Bundesbank together with the national banks of Croatia and Romania, and with strong support from other members of the ESCB (Austria, Portugal, Slovakia, Slovenia, United Kingdom, ECB), assisted the National Bank of Serbia in introducing best practices and EU standards over a period of 18 months (topics: financial stability, consumer protection, financial reporting, macroeconomic modelling, IT, international relations, FX management, insurance supervision, communication and capital flows). To support the organisation and day-to-day implementation of the individual components, the Bundesbank provided a residential twinning advisor (RTA) who was seconded to the Serbian national bank for the duration of the project.

In his speech at the concluding celebration in Belgrade, Bundesbank Executive Board member Burkhard Balz underlined the important role central banks play in modern economic systems by safeguarding monetary stability. Mr Balz reflected on Serbia’s success in the EU accession negotiations and characterised the twinning project as a small building block in the complex integration process. Summing up, he remarked, “Crucially, the commitment, responsibility, professionalism, and deep engagement of our Serbian counterparts were key in bringing the project to a successful conclusion. All parties involved were united by their full determination to make the project a success and by the “corporate spirit” through which central bankers around the world feel connected.”

Text: Peter Spicka and Thomas Notheis
Photo: National Bank of Serbia