Representing the OeNB in international organizations and bodies, OeNB staff members contribute valuable technical expertise.
European System of Central Banks (ESCB) and Eurosystem
The OeNB is an integral part of the ESCB and the Eurosystem. In his capacity as a member of the Governing Council of the ECB, the governor of the OeNB actively takes part in the monetary policy and technical decision-making process in this forum. Representing the OeNB in the committees of the Eurosystem and in numerous working groups, OeNB staff is involved in the preparation of Governing Council decisions; furthermore, OeNB experts provide position papers on, and analyses of, macroeconomic, international and institutional issues.
European Union
Together with the governors of the other EU central banks, the governor of the OeNB takes part in the informal meetings of the EU finance ministers to discuss strategically important EU financial and economic policy issues.
Following the reform of the working methods of the Economic and Financial Committee (EFC), which aimed at maintaining the EFC’s functionality in an enlarged EU, the OeNB now participates in six EFC meetings per year. Moreover, the OeNB is involved in the work of the EFC Working Group on IMF and Related Matters and in the Economic Policy Committee. These EU bodies are, in particular, responsible for the preparation of the Council meetings of the EU economic and finance ministers. The OeNB’s representative office in Brusselsconsiderably facilitates and accelerates the exchange of information between the EU and the OeNB as well as the coordination of positions on economic policy issues.
Within the new committee structure according to the Lamfalussy model, the OeNB is now represented in the newly established Committee of European Banking Supervisors (CEBS). This committee is the most important advisory body of the European Commission in banking supervision.
In the run-up to EU enlargement, OeNB representatives participated in the macroeconomic dialogue with the new Member States, which addressed above all economic and fiscal policy issues.
Bank for International Settlements (BIS)
The governor of the OeNB takes part in the meetings of central bank governors at the BIS, which serve as a forum for the exchange of information and views on monetary, exchange rate and financial policy issues.
OeNB representatives contribute to various BIS working groups (e.g. on technical cooperation with the transition economies and on statistics).
Organisation for Economic Co-operation and Development (OECD)
OeNB staff is actively involved in the work of various OECD committees, including the Economic Policy Committee, the Committee on Financial Markets and the country review committees. In this context, the OeNB’s representative office in Parishas a particularly important role to play. Since 2002, the OeNB has chaired the Committee on Capital Movements and Invisible Transactions. Moreover, the OeNB participates in the meetings of the country review committees and thus supports the OECD in its important function of giving economic policy advice to its member countries.
International Monetary Fund (IMF)
The governor of the OeNB represents Austriaon the IMF Board of Governors. In this capacity, he takes part in the Spring and Annual Meetings of the IMF, which are dedicated, above all, to a review of global economic developments as well as of measures and instruments to enhance the prevention and management of international financial crises.
The OeNB as a Platform for an International Exchange of Views
The OeNB also acts as a platform for the international exchange of views and information on economic, monetary and financial policy issues between central bankers, economic policymakers, financial market players and university researchers, with a special focus on EU enlargement.
In this capacity, the OeNB organized several conferences and seminars in 2003, e.g. the Economics Conference on “Fostering Economic Growth in Europe,” the East-West Conference entitled “The Economic Potential of a Larger Europe – Keys to Success” and a seminar on “The European Convention on the Future of Europe – Implications for Economic and Monetary Union.”
With a view to being better positioned to assume a formative role in the Eurosystem, the OeNB has defined key activities in line with the objectives arising from its mission statement and its strategic orientation.
The use of modern strategic management tools has contributed fundamentally to the fulfillment of the OeNB’s mandate, which focuses in particular on maintaining stability and on further improving customer orientation, for example by structuring the OeNB’s range of services around defined products and by implementing the necessary framework for managing the product portfolio.