ANNUAL REPORT 2008 - Polymer Bank Notes of the World

epresentatives also participated in a number ofmeetings that focused on economic and financialissues within the framework of the BarcelonaProcess: Union for the Mediterranean.Continued cooperation with the Central Bankof Egypt led to the launch of a new three-yearprogramme on 1 January 2009, funded by theEuropean Commission. The programme willinvolve experts from Българска народна банка(Bulgarian National Bank), Česká národníbanka, the Deutsche Bundesbank, the Bankof Greece, the Banque de France, the Bancad’Italia and Banca Naţională a României. Theprogramme has three main objectives: to prepareguidelines that help the Central Bank of Egypt toestablish new regulations in line with the basicBasel II regime, to finalise the regulations andthe organisation of their implementation, andto design a new scheme for data reporting frombanks to the Central Bank of Egypt in order thatthe new regulations can be implemented.Cooperation has greatly intensified over the pastfew years, comprising both high-level meetingsand enhanced cooperation at the staff level.The President of the ECB and the Governor ofthe People’s Bank of China met at the ECB on5 September for policy discussions.For the first time, a high-level Eurosystemseminar, co-organised by the ECB and theDeutsche Bundesbank, was held with governorsof central banks and monetary agencies of themember states of the Gulf Cooperation Council(GCC) 7 . It was held in Mainz on 11 and12 March 2008. Discussions focused on economicdevelopments and structures in GCC countriesand the GCC’s role in the global economy, inparticular as regards money and finance as wellas energy and trade.The ECB, the People’s Bank of China andthe Banca d’Italia jointly organised the fourthhigh-level seminar of central banks in the EastAsia-Pacific region and the euro area at theBanca d’Italia in Rome on 26 and 27 June. Thepurpose of the seminar was to exchange viewson issues confronting policy-makers in bothregions, such as the financial turmoil, globalimbalances and the growth outlook.During 2008 the ECB further strengthened itsrelations with the People’s Bank of China. AMemorandum of Understanding signed by thetwo institutions in 2002 was renewed in 2008.7Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UnitedArab Emirates.ECBAnnual Report2008181