ECB’s Centeno: International Cooperation an Essential Instrument for Central Banks

25 September 2024

By Marta Vilar – MADRID (Econostream) – European Governing Council member Mário Centeno said on Wednesday that challenges like multilateralism and geopolitical fragmentation called for international cooperation.

In a speech at a conference, Centeno, who heads the Banco de Portugal, said that he would like to ‘stress the importance of international cooperation in the pursuit of the mandate of central banks’.

Cooperation helps narrow the gap between national and supranational responses to challenges, he observed.

‘We will thus continue to strengthen the role of cooperation in promoting economic and financial stability in our countries, with an impact on the regions where we operate and, consequently, globally’, he said.

Referring to monetary policy, Centeno acknowledged that the ECB had been able to deliver a rapid hiking cycle without significant disruptions emerging in financial markets or fragmentation between various European jurisdictions.