The new representative office in Brussels is the Bundesbank’s third independent representative office abroad, alongside those in New York and Tokyo. Nevertheless, its approach represents something different and unique: the opening of the representative office in the House of the Euro marks a new era in terms of how the Bundesbank and other Eurosystem central banks will cooperate in their foreign relations. The European Central Bank, the Bundesbank, the Banque de France, the Banca d’Italia, the Banco de España, the Central Bank of Ireland, the Central Bank of Malta and the Central Bank of Slovenia have established their offices under one roof, in the heart of the European District in Brussels. In the first six months after the opening, the Croatian National Bank is among the other central banks that will station representatives in the new co-working space on a rotating basis. There are plans for Austria, Cyprus, Finland, Greece, Luxembourg and Slovakia to follow. The main focus is on cooperation and exchange, not least among the banks themselves, with even more emphasis on dialogue and discussion with the EU institutions and various local representations. 

The House of the Euro represents the creation of a place that makes the close and trusting cooperation between the national central banks and the ECB visible in Brussels, too. Presenting the Eurosystem’s positions together in this place will send a strong message to a wider audience, said Bundesbank President Joachim Nagel following the official opening event on 9 November 2023, which involved around 130 participants. Among them were many prominent representatives of EU institutions and high-ranking diplomats from EU countries and around the world. 

One thing is clear: the decisions taken in Brussels are increasingly relevant to the Eurosystem’s common mandate. Notable examples here are the ongoing fiscal policy reforms, work on sustainable finance, the Capital Requirements Directive and capital regulation, and the reform of crisis management for banks or the road to banking union and capital markets union. Of course, the further development of the joint digital euro project also counts among these.

The teams in Brussels will be supported by the exchange of expertise between the many highly qualified experts from the respective central banks. In future, they will also frequently combine their business appointments in Brussels with visits to the respective representative offices. The know-how gained will be a critical addition to the entire network, with the presence of the Bundesbank’s representative office making a sustained contribution.

What’s certain is that the House of the Euro will also provide a centrally located platform for events, thereby improving communication of the Eurosystem’s common stance. Representatives of central banks outside the Eurosystem are also very welcome to congregate here to exchange ideas.

Our main objective is to pool the common forces in Brussels. We want to benefit from the expertise and insights provided by the other central banks and share our own assessments with them, said Executive Board member Burkhard Balz, who was also on hand at the inauguration in Brussels. That’s why we are committed to the House of the Euro.

Text: Annika Müller de Vries and Peter Kern