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Monday, May 27, 2024
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Central Bank of Montenegro and German Ambassador discuss banking sector stability and EU integration

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The stability of Montenegro’s banking sector was reaffirmed by Irena Radović, the Governor of the Central Bank (CBCG), during a meeting with German Ambassador Peter Felten. The meeting, held at the CBCG headquarters, focused on discussing the positive trends observed in key balance sheet positions within the banking sector this year.

Radović highlighted the CBCG’s dedication to Montenegro’s strategic goal of joining the European Union (EU), emphasizing the institution’s active involvement in ten working groups for EU negotiation chapters, three of which she leads.

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Both parties underscored the crucial role of central banks in facilitating the Western Balkan region’s integration into the EU, particularly in terms of economic integration. Accelerating the region’s economic integration includes initiatives like joining the single market for payments in euros (SEPA).

Radović briefed Felten on the CBCG’s efforts toward Montenegro’s SEPA accession plan and other initiatives aimed at enhancing institutional capacities and adopting European standards to improve regulatory and supervisory frameworks. She expressed gratitude for Germany’s support within the regional IPA project, which assists central banks in the Western Balkans in integrating into the European central banking system.

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The Berlin process, which promotes regional cooperation and speeds up the Western Balkan region’s EU integration, was recognized as crucial for Montenegro’s European path. Felten commended the ambitious agenda of the CBCG and its commitment to accelerating Montenegro’s EU integration.

Both parties expressed optimism about enhancing cooperation between Montenegro and Germany in the future and agreed to maintain open communication channels.

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