Montenegro's Central Bank Embarks on Institutional Transformation Ahead of EU Membership
The Central Bank of Montenegro (CBCG) has embarked on a new phase of institutional transformation to prepare for the country's future membership in the European Union. This follows a Needs Assessment project conducted from June last year to September, which analyzed the CBCG's readiness and future needs.
During 13 expert missions, over 60 European experts evaluated the Central Bank's organization, processes, and capacities. The outcome was concrete recommendations for further improvements in institutional, human resources, technological, and operational aspects, contained in 18 expert reports.
The Governor of the Central Bank of Montenegro, Irena Radović, emphasized that this transformation is not just about implementing recommendations but also about continuing the in-depth transformation of the Central Bank. She stated that their goal is to be ready not only for Montenegro's membership in the European Union but also for signing the Accession Treaty and direct inclusion in the European central banking framework.
The CBCG has established a Coordination Body for Monitoring the Implementation of Recommendations, which will ensure systematic implementation of the recommendations with clear priorities, deadlines, and resources allocated to areas of greatest importance.