Bank of Portugal leads convergence of CPLP central banks with European Union standards

8 May 2014

The Bank of Portugal will lead the process of regulatory and supervisory convergence of the central banks of the Community of Portuguese-speaking Countries (CPLP) with European Union (EU) rules, said the governor of the Bank of Cabo Verde (Cape Verde).

Speaking at the end of the seventh meeting of the governors of the CPLP central banks, held in Praia, Carlos Burgo noted that the process of convergence is of interest to the “eight” countries in the community and that it was important to take advantage of the window opened up by the EU, which is currently debating the issue.

“We are all countries that have very important economic and financial relations with the EU,” said Burgo, adding “in Cabo Verde’s case there is a special partnership and we are working on regulatory convergence as a way of boosting economic and financial ties with Brussels.”

The international crisis that began in 2008 was due to “failures in regulation and supervision,” said Burgo noting that it had allowed for increased cooperation to update international standards in both areas.

“The update prevents a recurrence of similar crises to the one that is now being overcome, and the consequences of which still affect us to this day,” noted the governor of the Bank of Cabo Verde.

As well as Burgo, the governors of the central banks of Angola, José Lima Massano, Brazil, Luiz Edson Feltrim, Mozambique, Ernesto Gouveia Gove, Portugal, Carlos Costa, Sao Tome and Principe, Aldro Umbelina Neto and Timor-Leste (East Timor), Abraão Vasconcelos attended the meeting.

A mission from the Central Bank of the West African States (BCEAO) represented Guinea Bissau at the meeting, including the deputy governor Jean Baptiste Campaoré, and the national director of the bank for Guinea Bissau, João Fadiá. (macauhub/PT/CV/AO/BR/MZ/ST/TL/GW)