The Governor of the Central Bank of Montenegro, Irena Radović, emphasized that sustainability and digital transformation are complementary pillars of economic development. The Central Bank bases its mission on building a resilient, inclusive, and sustainability-oriented financial institution aiming for integration into the European System of Central Banks (ESCB).
Radović spoke at the international MICEB 2025 conference in Budva, focusing on Montenegro’s EU accession negotiations in the financial sector. She highlighted key Central Bank initiatives advancing alignment with the ESCB and supporting Montenegro’s European integration process.
One major reform is Montenegro’s upcoming accession to the SEPA system, which will provide citizens and businesses with more efficient, secure, and cost-effective transactions. Additionally, the Central Bank is actively developing a national instant payment system via the European TIPS platform to raise service quality to EU standards and strengthen integration into the European financial space.
According to updated estimates presented at the conference, SEPA integration will yield significant annual benefits, including savings in payment processing, increased foreign direct investment, and improved digital inclusion and competitiveness in exports and tourism.
Radović noted that SEPA and TIPS are strategic tools for inclusive growth and convergence with the EU. Full implementation could bring annual gains of around 160 million euros, equal to 2.3% of Montenegro’s GDP, increase per capita income by approximately 2,583 euros over the next decade, and reduce income disparities with the EU by more than 11 percentage points. These reforms will drive inclusive growth, economic integration, and long-term resilience.
During the conference, Radović met with Professor James Robinson, Nobel Laureate in Economics, who praised Montenegro’s potential for institutional strength and inclusiveness aligned with EU standards. They discussed the impact of geoeconomic fragmentation and the importance of independent, inclusive institutions for sustainable economic development.
The Central Bank of Montenegro is a sponsor of the MICEB 2025 conference, organized by the University of Montenegro’s Faculty of Economics to mark its 65th anniversary. The event gathered experts from academia, business, and public institutions to share knowledge on sustainable economic development and EU accession reforms.
