2024 Spring Meetings provide global economic outlook and foster international relations

This year’s Spring Meetings of the International Monetary Fund (IMF) and the World Bank (WB) brought together delegations from 190 member countries in Washington to analyze the global geopolitical landscape and explore growth prospects for the global economy and individual regions and countries.

CBSM President Catia Tomasetti, General Manager Andrea Vivoli, and the Head of the International Relations Unit Giuliano Battistini represented CBSM at the Meetings from April 18 to 20, alongside a San Marino government delegation led by the Secretary of State for Finance and the Secretary of State for the Industry.

During the Spring Meetings, IMF experts provided forecasts for the future of global economy, including a baseline forecast for the global recovery rate to continue at 3.2% for both 2024 and 2025, as outlined in the latest World Economic Outlook . Despite growth being slow and uneven across regions, global economy has proven surprisingly resilient to interest rate hikes approved by central banks to restore price stability. Among the main current and short-term emerging trends is the rise of artificial intelligence (AI), particularly as a development factor for small economies like San Marino.

During the event, CBSM also held bilateral meetings with representatives from 12 central banks and supervisory authorities. Additionally, alongside the government delegation, CBSM met with finance ministers, political authorities, as well as advisors and executives from the IMF and the World Bank.

The Meetings served as a valuable opportunity for CBSM to strengthen its international ties and lay the groundwork for new cooperation agreements on supervision to be finalized in the coming months. Specifically, CBSM held meetings with American financial authorities – the Department of the Treasury, SEC, and Federal Reserve Bank, numerous supervisory authorities from the Eurosystem, namely Deutsche Bundesbank, Banque de France, Banca d’Italia, Banco do Portugal, Bank of Greece, and Central Bank of Malta, as well as authorities from non-European countries – England, Argentina, and Georgia.

“Despite the hopes of the international community, the current global geopolitical landscape is witnessing heightened tensions, with new regional conflicts adding to the existing crises, escalating fractures, and risks for the global economy. Against this backdrop, supervisory authorities are called upon to collaborate more closely, with the aim of consolidating a global security network that must not have weak links. San Marino and its Central Bank can make a significant contribution to this endeavour.” CBSM President Tomasetti underscored.

“The worldwide financial system is marked by extreme speed and ease of fund transfers. This underscores the critical importance of those data and information that enable central banks to maintain constant and effective oversight of financial flows and involved parties. Conversations with other supervisory authorities at the Spring Meetings highlighted a clear consensus on the need to enhance collaborative relationships and safeguard the orderly development of our respective banking and financial sectors.” General Manager Andrea Vivoli stated.

Discussions also included San Marino's European integration and CBSM's efforts towards increased commitment in climate-related issues and energy transition. In this regard, CBSM contributed to the initiatives undertaken by major supervisory authorities through the Network for Greening the Financial System.

After the Meetings, the San Marino delegation met with the WB Executive Director and IMF representatives – the IMF Executive Director, the Head of the EUR Department and the Head of the MCM Department. Discussions were met with appreciation for the country's recent achievements, as outlined in the Concluding Statement of the Staff Visit mission held in early April 2024. Additionally, the meetings with the IMF and WB representatives served as an opportunity to plan the upcoming IMF and WB activities in San Marino. These activities include the Article IV mission scheduled for next autumn and several technical assistance programs to support CBSM’s activities in relation to the financial system and national statistics.