Detail from the meeting, Photo: Central Bank of Montenegro
The European agenda is high on the priority list of the Central Bank of Montenegro (CBCG), which is conducting intensive activities aimed at harmonizing the regulatory framework and practices with the EU acquis, announced the Governor of the supreme monetary institution, Irena Radović.
Radović met today with Burkhart Balcom, a member of the Executive Board of the German Central Bank, and discussed directions for further deepening bilateral cooperation, with a special emphasis on strengthening the institutional and regulatory capacities of the Central Bank of Montenegro in the context of European integration and harmonization with the standards of the European System of Central Banks (ESCB).
Radović said that the strategic commitment to European reforms is not declarative, but deeply essential.
photo: Central Bank of Montenegro
“Over the past 19 months, the Central Bank of Montenegro has achieved concrete and measurable results in implementing the European agenda – from contributions to nine negotiation chapters, through successful integration into the Single Euro Payments Area (SEPA) last year and intensive preparations for joining the TIPS system, to the decisive implementation of measures in the fight against money laundering and terrorist financing – which has earned us the strong support of our European and international partners,” said Radović.
She assessed that the long-standing expert and technical support of the Bundesbank is of exceptional importance for strengthening the regulatory and operational capacities of the CBCG.
In this context, the importance of continuing cooperation through the announced third phase of the regional IPA project aimed at strengthening the capacities of central banks in the Western Balkans, coordinated by the Bundesbank, was particularly emphasized.
The importance of the new twinning project Support to the Regulation of Financial Services in Montenegro, which starts in September this year, and within which the Bundesbank will be one of the key partners, was also highlighted.
photo: Central Bank of Montenegro
“This project aims to further align the regulatory framework with the EU acquis in the areas of banking supervision, resolution of credit institutions and payment systems,” the Central Bank of Montenegro said.
As assessed, the CBCG has already achieved a high level of compliance with applicable EU regulations, while this project will ensure timely adaptation to new European directives and standards.
Balc welcomed the reform efforts undertaken by the Central Bank of Montenegro and stressed the importance of continuously strengthening regulatory and institutional capacities, openness to regional and international cooperation, and the independence of the institution.
He emphasized that the independence of the Central Bank of Montenegro is recognized as the foundation of a stable financial system and a prerequisite for sustainable economic growth, especially in the context of European integration.
Balc emphasized that regional support programs and exchange of expert knowledge represent an effective mechanism for harmonization with European standards and ESCB best practices.
photo: Central Bank of Montenegro
Radović and Balc, emphasizing that the long-standing bilateral cooperation between the CBCG and the Bundesbank represents an example of a successful partnership based on trust and common European goals, agreed to continue strategic dialogue and deepen cooperation, with a special focus on the exchange of expertise in the areas of central banking, payment infrastructures and financial stability.
The meeting concluded with a joint assessment that the EU support program for strengthening the capacities of central banks in the region, which is being implemented under the leadership of the Bundesbank and with the support of the Eurosystem, represents an important framework for further strengthening the institutions.
Openness to expanding cooperation in other topics of common interest was also emphasized.
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