On 16 February 2007, Mrs. Gertrude Tumpel-Gugerell, Member of the Executive Board and of the Governing Council of the European Central Bank(ECB), Mr. Andre Lys, Head of Operations in the EC Delegation to BiH and Mr. Kemal Kozaric, Governor of the Central Bank of BiH (CBBH), signed a tri-partite protocol which officially marks the start of the Eurosystems Needs Assessment Programme.

The EU has provided 300,000 euro to the ECB and Member State National Banks (Deutsche Bundesbank, Eesti Pank, Bank of Greece, Banco de Espana, Banque de France, Banca d’Italia, Banka Slovenije and Osterrerichische Nationalbank) to support the CBBH in moving towards the standards of Eurosystems Banks. Their analysis will cover: co-ordination of the activities of agencies responsible for bank licensing and supervision; economic analysis and research; financial stability; internal audit; monetary policy under a currency board arrangement; payment systems; and statistics.

Mrs. Tumpel-Gugerell noted that the ECB and CBBH are among the youngest Central Banks in the world and have had good contacts since 1998. Today marks the start of a closer relationship between them.

Mr. Lys highlighted that the CBBH is one of the first and most successful State institutions in BiH: its monetary policies have achieved macroeconomic stability and inflation has been relatively low. He urged the CBBH to undertake the necessary reforms to adapt its policies and procedures to those of the Eurosystem Central Banks.  These reforms are for the benefit and the prosperity of the country.

Mr. Kozaric welcomed the project and expressed his appreciation that the ECB and EC recognised the willingness on the part of CBBH to implement European standards.