Central Bank Forums
The forums of technical cooperation are supportive vehicles of CEMLA to assist, in a regional and permanent fashion, Latin American and Caribbean central banks in deepening the knowledge of monetary and financial issues that are relevant for their functions and policy goals.
Throughout these forums, CEMLA coordinates the debate of topics and issues of common concern for its Associated Members. The forums are generally conducted by CEMLA and have the support of international organizations and other Collaborating Members.
Presently, the Center conducts two forums of technical cooperation, the Financial Information Forum and the Western Hemisphere Payments and Securities Settlement Forum, the latter conducted in partnership with The World Bank.
CEMLA – Banco de España Technical Assistance Program
for Strengthening the Accounting Regulatory Framework
In November 2016, the Bank of Spain and the Center for Latin American Monetary Studies (CEMLA) signed out, as part of their (non-binding) International Cooperation Agreement, the Technical Assistance Program for the Strengthening of the Accounting Regulatory Framework with the objective of providing technical assistance (recommendations, guidance, temporary support) on aspects related to the development, improvement or reform of the accounting regulatory framework for central banks or financial systems.
The Program is part of the activities that both institutions carry out for several years to promote the knowledge, discussion and adoption of best practices and international standards for bank accounting and financial reporting, key areas to promote financial stability of the region in accordance with global organizations such as the Financial Stability Board (FSB).
Financial Information Forum (FIF)
In October 2014, the Center for Latin American Monetary Studies (CEMLA), with approval from its Board of Governors, established the Forum of Financial Information of Latin American and Caribbean Central Banks (hereinafter the Financial Information Forum-FIF) as a regional response for central banks' needs in identifying, monitoring and discussing common issues related to the improvement of financial information models in line with international efforts made in this field.
Forum of Fintech Experts
The Fintech Forum is an initiative of CEMLA that brings together the knowledge and experience of central banks, international organizations and other relevant institutions, related to the implications of new financial technologies for monetary and financial stability. The Forum was established in March 2018 with the endorsement of the CEMLA Board of Governors and Assembly, and is aimed at report back to Latin American and Caribbean Central Banks Governors on issues that may merit their attention.
Forum on Remittances (FR)
In October 2014, CEMLA with approval from its Governing Board, established the Forum on Remittances in Latin America and the Caribbean, or Forum on Remittances (FR), recognizing the importance of these resources from abroad in the economies of the region and the need to deepen the understanding of the multiplicity of its effects in those countries.
Since January 1999 CEMLA has been acting as the Secretariat of the Western Hemisphere Payments and Securities Clearance and Settlement Initiative, which in its first years was led by the World Bank. This Initiative was launched following a request from the Western Hemisphere Finance Ministers and its objective is to describe and assess the Latin American and the Caribbean payments systems with a view to identifying possible improvement measures in their safety, efficiency and integrity.
The Initiative has undertaken a number of activities including the preparation of public reports containing a systematic in-depth description of each country's payments and securities clearance and settlement systems, the delivery of recommendations reports to country authorities on a confidential basis, the organization of workshops.
Program of Remittances and Financial Inclusion
The Program on Remittances and Financial Inclusion aims at providing central banks and other relevant authorities with support in two specific areas: a) The development of legal and regulatory frameworks to promote the development of financial services and products appropriate for remittance clients and b) Publication of precise information on remittances in a disaggregated and updated manner so as to grasp a better understanding of the market, in hope to contributing to the financial inclusion remittance clients.