Governor Meets Head of the EU Delegation: EU Recognises the CBCG’s Contribution to the Negotiation Process

04/04/2024

"The Central Bank of Montenegro (CBCG) is highly committed to the negotiation process and will continue to fulfil all obligations from the process so that Montenegro can join the European Union as soon as possible," said the CBCG Governor, Ms Irena Radović, at today's meeting with the Head of the EU Delegation to Montenegro, Ms Oana Cristina Popa.

The discussion topics included the EU's new Growth Plan for the Western Balkans, which aims to offer some of the EU membership benefits to the region in advance of accession. Ambassador Popa said joining the Single Euro Payment Area (SEPA) is a priority activity from the Growth Plan to enhance the region's economic integration.

Presenting the CBCG's activities in preparing the application for Montenegro's accession to SEPA and aligning Montenegrin legislation with SEPA requirements, the Governor expects the EU to recognise the progress achieved and support the process. "Montenegro's accession to SEPA would represent one of the clearest signals of our country's concrete approach to the EU, while citizens and the economy would feel tangible benefits through simpler, faster and cheaper transactions," said Governor Radović.

Informing Ambassador Popa about other plans of the CBCG, the Governor noted that future activities would focus on further aligning national regulations with EU directives.

Ambassador Popa highlighted that Montenegro should take advantage of the current enlargement policy momentum and continue implementing reforms in priority areas. Her Excellency said the EU had recognised the intensive CBCG activities aimed at preserving financial stability and aligning the domestic regulatory framework with EU directives and the institution's proactivity in preparing the application for SEPA. She highlighted that the CBCG can count on EU support to implement reforms from the European agenda.

The Governor thanked Ambassador Popa for the support the EU provides to Montenegro through financing the Western Balkans Payment Modernisation project and other projects that helped the CBCG to build and strengthen its institutional, regulatory and administrative capacities.

The meeting topics also included Governor Radović's participation in the upcoming Economic and Financial Dialogue between the EU and candidate countries and potential candidates this May in Brussels on the annual dialogue on economic policy.

The message from today's meeting was that implementing the necessary reforms from the European agenda requires strong coordination and cooperation and the full engagement of all relevant state authorities.

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