In view of the forthcoming accession of new EU member states, including Malta, to the euro area, the Central Bank of Malta, in conjunction with the European Central Bank (ECB), has hosted a two-day workshop on the implications of euro area membership for foreign reserve management by national central banks (NCBs).

The workshop, which included participants from all the NCBs of the new member states, was opened by Central Bank of Malta governor Michael C. Bonello and chaired by Werner Studener, deputy director-general Market Operations of the ECB.

Speakers from the ECB and from the euro area NCBs addressed various aspects of foreign reserve management, including the ECB foreign reserve management framework, how euro area NCBs manage reserves on behalf of the ECB, the risk management aspect and back-office related issues.

The workshop was organised by the Central Bank of Malta as part of its commitments as a member of the European System of Central Banks (ESCB), which include the hosting of ESCB committees, working groups and task forces.