International relations
As part of its mandate, Banka Slovenije is active in numerous European and international institutions. On the day that the euro was adopted as Slovenia’s currency (1 January 2007), Banka Slovenije became part of the Eurosystem. The Eurosystem comprises the European Central Bank (ECB) and the national central banks of EU Member States that have adopted the euro.
Meanwhile we act as Slovenia’s representative in international monetary institutions, in line with the Banka Slovenije Act. In performing our tasks we actively cooperate with other central banks, supervisory institutions, international financial institutions, and organisations and funds that provide deposit insurance.
Banka Slovenije experts are also involved in programmes of technical assistance to other central banks and supervisory institutions.
Working as part of the Eurosystem and the ESCB
The ECB was established in Frankfurt am Main, Germany, on 1 June 1998 as the core of the Eurosystem and the ESCB. Its work and functioning are set out by the Statute of the ESCB and of the ECB. The ECB has been responsible for the common monetary policy of the euro area since 1 January 1999 (the original 11 euro area countries transferred responsibility for monetary policy to the Eurosystem on this date).
The legal basis for the common monetary policy consists of the Treaty on the Functioning of the European Union and the Statute of the ESCB and of the ECB. The principle of centralised decision-making (Governing Council of the ECB) and decentralised implementation via the national central banks applies to the formulation and implementation of the common monetary policy.
The main objective of the Eurosystem is to maintain price stability, safeguarding the value of the euro. The Governing Council’s price stability target is inflation of 2% over the medium term.
The ESCB comprises the ECB and the national central banks of all EU Member States. The national central banks of EU Member States that have not adopted the euro pursue their own monetary policies, and do not participate in the decision-making process or the implementation of the common monetary policy.
The Single Supervisory Mechanism (SSM) began functioning in 2014 as one of the pillars of the new banking union, whose objective is safe, transparent and unified European banking.
The SSM consists of the ECB and the national supervisory authorities of the participating countries, Banka Slovenije among them.
Alongside the SSM, the key institution in the area of banking supervision and financial stability is the European Banking Authority (EBA), in which Banka Slovenije participates as a member of the Eurosystem.
Banka Slovenije has also been a member of the European Systemic Risk Board (ESRB) since its establishment in 2010. It is responsible for supervising the EU financial system and for preventing and mitigating systemic risks.
Banka Slovenije also participates in the Single Resolution Board (SRB), which began functioning as an independent EU agency in 2015, and is a key body of the banking union. It is responsible for the effective and consistent functioning of the Single Resolution Mechanism (SRM), which is the EU system for the resolution of financial institutions in difficulties.
EU institutions and bodies
The economics and finance ministers (ECOFIN) meet informally twice a year within the Council of the EU. In addition to the economics and finance ministers, the meetings are also attended by the central bank governors.
The Economic and Financial Committee (EFC)carries out preparatory work for meetings of the Council of the EU in the configuration of economics and finance ministers. The EFC discusses the economic and financial situation in the EU, and encourages the coordination of economic and fiscal policies, contributions on financial market matters, exchange rate polices and relations with third countries and international institutions. The EFC is a framework for preparing dialogues between ECOFIN and the ECB. The EFC consists of senior officials from national administrations and central banks, the European Commission and the ECB.
The Committee on Monetary, Financial and Balance of Payments Statistics (CMFB) assists the European Commission in drawing up and implementing work programmes concerning monetary, financial and balance of payments statistics. The CMFB is the forum for coordination of statisticians from the national statistical institutes and Eurostat on one hand, and the national central banks and the ECB on the other.
The European Statistical Forum is a strategic body that links two European statistical systems: the European Statistical System and the statistical system of the ESCB.
Alongside the ESRB, the European System of Financial Supervision (ESFS) consists of the national supervisors and three European supervisory authorities for the following sectors:
banking (European Banking Authority or EBA)
securities (European Securities and Markets Authority or ESMA),
insurance and occupational pensions (European Insurance and Occupational Pensions Authority or EIOPA)
Work within international institutions
The principal international bodies and institutions in which Banka Slovenije works are the International Monetary Fund (IMF), the Bank for International Settlements (BIS) and the Organisation for Economic Co-operation and Development (OECD). We are also involved in programmes of technical assistance to other central banks and supervisory institutions.
Slovenia joined the International Monetary Fund (IMF) on 15 January 1993 on the basis of the Law on Slovenia's Membership in the International Monetary Fund.
Slovenia is represented at the IMF by the Governor of Banka Slovenije as the IMF Governor, and the Alternate governor being authorised by the Governor of Banka Slovenije.
The IMF’s Articles of Agreement have the status of legal provisions in Slovenia. Under Article IV of the Articles of Agreement, the IMF regularly monitors the fulfillment of statutory and other obligations of its members that have to provide all the necessary information. Since joining the IMF, Slovenia has participated in regular Article IV consultations in this connection. The reports drawn up by the IMF following Article IV consultations are published on its website. The most recent report is from 14 May 2024.
By law, Banka Slovenije is the fiscal agent of the Republic of Slovenia, and executes all transactions deriving from Special Drawing Rights (SDR), which constitute Slovenia’s international foreign exchange reserves, for its account. It also manages Slovenia’s share in the IMF quota , which amounts to SDR 586.5 million, or 0.12% of the total IMF quota. Slovenia holds 7,317 votes at the IMF, equivalent to 0.15% of the total voting power.
Based on the Constituency Agreement, Slovenia is participating in the Central and Eastern European Constituency between 2022 and 2032, alongside Austria, Czechia, Kosovo, Hungary, Slovakia and Turkey.
Slovenia's financial position at the IMF Special Drawing Rights (SDR) IMF Articles of Agreement
Banka Slovenije has been a member of and shareholder in the BIS since 1996, as stipulated by the Bank for International Settlements Accession Act.
The BIS is an international financial institution that assists central banks in their pursuit of monetary and financial stability, fosters international cooperation in these areas, and serves as the bank for central banks.
The Governor of Banka Slovenije attends meetings of central bank governors of BIS members, which are held every two months. The meetings discuss developments in the global economy and on the financial markets. The governors’ meetings are also an opportunity to exchange views on various central banking issues, central bank monetary policy, interventions in the foreign exchange markets, recent regulatory changes, and various financial policies. Banka Slovenije is a shareholder in the BIS, and a representative of the Governing Board attends the BIS’s annual general meetings in Basel.
Slovenia joined the Organisation for Economic Co-operation and Development (OECD) on 21 July 2010.
Joining the OECD gave Slovenia the opportunity to collaborate on an equal footing with the major global economic powers in the development of global standards of good practice and good governance in various fields.
Banka Slovenije representatives attend the meetings of certain OECD committees and working groups.
the Committee on Financial Markets
the Economic Policy Committee
the Working Group on International Investment Statistics
the Working Party on Financial Statistics
the Working Party on Trade in Goods and Services
Central bank technical assistance
Banka Slovenije experts are involved in programmes of technical assistance to other central banks and supervisory institutions. At Banka Slovenije we mostly offer our assistance to central banks from the neighbouring region (the Western Balkans) in the form of study visits, workshops, seminars or expert missions. This allows the central banks to exchange professional expertise, share best practices and build capacities.
The Taskforce on Central Bank Cooperation, which coordinates technical cooperation activities within the ESCB, has published a document of best practices. The document outlines the rationale behind, and the principles underpinning, the ESCB’s international central bank cooperation activities.