The European Central Bank's (ECB) IT department is driving collaboration between the 27 members of the European Union (EU) as it attempts to improve the performance of the Euro. The ECB is responsible for stability in pricing and control of the money supply in the Eurozone, which covers 13 countries.
In an interview with Computer Weekly, ECB IT director, Magi Clave, said that compared with the US Federal Reserve and the bank of Japan, there is room for improvement with efficiency in Europe.
Enabling collaboration and the sharing of market information between the EC's central banks is essential if the ECB is to retain an efficient currency, said Clave. Current collaboration includes a common IP network as well as some shared applications.
Technology is critical to the efficiency of the Euro, and the ECB finds itself in a constant state of technological development, said Clave. However, the ECB's relatively short history gives it certain advantages when it comes to IT, he said.
"Because we started from scratch we did not have any legacy systems, and we could go for standardised open systems from the beginning," said Clave.
"This allows us to choose more suppliers, and the fact that we are not in a proprietary environment allows us to be more competitive."