Central Bank of San Marino at the 2023 Marrakech Annual Meetings

Marrakech hosted the 2023 Annual Meetings of the International Monetary Fund and the World Bank this year, which ended on October 15th. Ms. Catia Tomasetti, President of the Central Bank of San Marino (BCSM), Mr. Andrea Vivoli, Managing Director, and Mr. Giuliano Battistini, Head of International Relations Department, participated on behalf of the Central Bank of San Marino, along with a government delegation.

In anticipation of the Annual Meetings, CBSM had engaged in extensive preparatory work aimed at strengthening its international relations, whose outcomes included the signing of a Memorandum of Understanding with the Malta Financial Services Authority (MFSA) on October 3rd.

This preparatory stage paved the way for fruitful discussions with some supervisory authorities of the European System of Central Banks (Italy, France, Greece, Malta, and Belgium) during the Annual Meetings, where potential cooperation was explored in view of the European integration process of the Republic of San Marino.

"The current global geopolitical situation, exacerbated by the recent crisis in the Middle East, underscores the need for enhanced collaboration among supervisory authorities, so as to enable effective information exchange and, ultimately, better coordination among supervisory authorities in the financial system supervision", President Tomasetti emphasised.

"The Republic of San Marino's longstanding commitment to transparency has laid the groundwork for an engaged and proactive role for Sammarinese regulatory authorities in the international arena. The Central Bank of San Marino aims to play an active role in advocating and facilitating stronger cooperation among supervisory authorities. Countries within the same IMF constituency should be engaged first, followed by international organizations to which CBSM belongs.", Director Vivoli stressed.

BCSM delegates also engaged in joint meetings with the government delegation and representatives from other European countries, in view of the association agreement which is being negotiated with the European Union. The progress made by the Republic of San Marino generated a widespread interest among the counterparties. The meeting with the Andorran delegation stood out as notably significant, since it offered a chance to exchange positions on the ongoing negotiations and reach a joint stance for a successful outcome.

Last but not least, the San Marino delegation met with delegates of the International Monetary Fund and the World Bank, who expressed appreciation for the results achieved by the country, as recently confirmed by the IMF 2023 Article IV Mission.

Date: 16/10/2023