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Thursday, May 23, 2024
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Montenegro’s journey to EU integration: The Central Bank’s economic integration efforts

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The Central Bank of Montenegro (CBCG) reaffirms its unwavering dedication to the negotiation process, emphasizing its commitment to fulfilling all requirements to expedite Montenegro’s accession to the European Union (EU), stated Irena Radović, the Governor of the central monetary institution.

Radović met today with Oana Kristina Popa, the Head of the EU Delegation to Montenegro, to discuss the new Growth Plan for the Western Balkans. This strategic plan aims to facilitate the Western Balkan countries in harnessing the advantages of EU membership even before their official entry.

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During the meeting, Popa highlighted the significance of Montenegro’s integration into the Single Euro Payments Area (SEPA), a key objective outlined in the Growth Plan to accelerate the region’s economic integration.

Radović presented CBCG’s efforts towards Montenegro’s SEPA accession application and the alignment of Montenegrin regulations with SEPA requirements. She expressed optimism that the EU would acknowledge the progress made and extend support to this endeavor.

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Joining SEPA, Radović stressed, would represent a significant step forward in Montenegro’s EU integration journey, bringing tangible benefits such as simplified, faster, and more cost-effective transactions for citizens and businesses alike.

In addition to SEPA accession, Radović outlined CBCG’s forthcoming activities, which will primarily focus on further harmonizing national regulations with EU directives.

Popa emphasized the importance of Montenegro leveraging the current momentum of the enlargement policy and continuing its reform efforts in priority sectors. She commended CBCG for its proactive measures in preserving financial stability and aligning regulatory frameworks with EU standards.

Popa assured CBCG of the EU’s unwavering support in implementing reforms outlined in the European agenda.

Radović expressed gratitude to Popa for the EU’s assistance in financing projects such as the Western Balkans Payment Systems Modernization initiative. She highlighted the pivotal role these projects have played in enhancing CBCG’s institutional capacity and regulatory framework.

Furthermore, the meeting addressed Radović’s upcoming participation in the Economic and Financial Dialogue with EU candidate and potential candidate countries, scheduled to take place in May in Brussels. Radović emphasized the importance of effective coordination and cooperation among relevant institutions to ensure the successful implementation of reforms outlined in the European agenda.

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