The CNB in the EU and international relations

Intensive international cooperation is essential for the successful fulfilment of the CNB’s tasks, both within the European Union and globally, where the CNB actively participates in the work of numerous international financial organisations and institutions. The CNB’s involvement in the EU and in international cooperation reflects its dual mandate as both a central bank and a supervisory authority for the Czech financial market.

The CNB’s international activities as a central bank

The CNB is part of the European System of Central Banks (ESCB), which brings together the central banks of all EU Member States and the ECB to set common objectives and tasks in the area of monetary policy and to participate in the activities of its structures. The CNB also participates in the Council’s preparatory bodies, in particular the Economic and Financial Committee (EFC, external link) and the Economic Policy Committee (EPC, external link), and its representatives take part in informal meetings of the Economic and Financial Affairs Council (ECOFIN). CNB experts are also involved in the work of selected committees of the European Commission. The CNB also contributes to activities related to preparations for the adoption of the euro in the Czech Republic, particularly in terms of cooperation and expert support for the Czech Government in institutional, technical and organisational, and legislative areas, in close collaboration with the Ministry of Finance.

In addition to its direct involvement in the work of relevant EU bodies, the CNB actively participates in the Czech Government’s mechanism for coordinating European policies, in particular the Committee for the European Union (external link). This committee is the key government body for defining and coordinating Czech positions in the EU, and the CNB acts as an associate member of this committee, which meets either at ministerial level (the CNB Governor is an associate member) or at working level. CNB representatives are also involved in its substructures, such as sectoral coordination groups of the relevant ministries and other public authorities. Through its participation in the Committee and its substructures, the CNB contributes to the formulation and preparation of the Czech Republic’s positions on EU legislative and non-legislative proposals.

Beyond the EU framework, the CNB is active in key international organisations such as the Bank for International Settlements (BIS), the International Monetary Fund (IMF), and the Organisation for Economic Co-operation and Development (OECD), thereby contributing to international monetary stability and a global rules-based order.

The CNB’s international activities as a financial market supervisory authority

As the authority responsible for supervising the Czech financial market, the CNB actively participates in EU and international cooperation in financial regulation and supervision and contributes to the work of relevant bodies. Within the EU, this includes involvement in the European System of Financial Supervision (ESFS), which consists of the European Systemic Risk Board (ESRB) and the European Supervisory Authorities for individual financial market sectors (EBA, EIOPA and ESMA). Together with the Financial Analytical Office, the Customs Administration, and the Czech Trade Inspection Authority, the CNB is also represented in the EU’s Anti-Money Laundering Authority (AMLA).

The CNB is also a member of a number of international organisations involved in developing global standards and methodological approaches for financial market regulation and supervision, such as the International Organization of Securities Commissions (IOSCO), the International Organisation of Pension Supervisors (IOPS) and the International Association of Insurance Supervisors (IAIS). Participation in these institutions enables the CNB to influence the development of internationally recognised standards and principles in financial regulation and supervision, to reflect global developments, and to cooperate and exchange information and experience with foreign supervisory authorities. Bilateral cooperation with supervisory authorities is equally important, including within supervisory colleges established for the oversight of cross-border banking and insurance groups.