"The CBCG's regulatory activities will be further intensified in order to make the process of harmonization with the current EC regulations"

The CBCG said that their representatives presented activities related to the further harmonization of the national regulatory framework governing the operations of credit institutions with EU legislation.

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From the meeting, Photo: CBCG
From the meeting, Photo: CBCG
Disclaimer: The translations are mostly done through AI translator and might not be 100% accurate.

The regulatory activities of the Central Bank of Montenegro (CBCG) will be further intensified in order to complete the process of harmonization with the applicable regulations of the European Union (EU) in that area as soon as possible.

As announced by the CBCG, this was highlighted at the meeting of the Subcommittee for Internal Market and Competition between Montenegro and the European Commission (EC) in Brussels, which was attended by representatives of the CBCG.

It is stated that the meeting was opened by the deputy head of the Unit for Montenegro and Serbia in the General Directorate for Neighborhood Policy and Enlargement Policy, Sindi van den Bugert, and the chief negotiator of Montenegro, Predrag Zenović, and the Central Bank of Montenegro was represented in Brussels by the head of the working group for the Negotiation Chapter 9 – Financial services, Ana Vlahović, while part of the CBCG team attended the meeting virtually.

Subcommittee for internal market and competition between Montenegro and the European Commission
photo: CBCG

The CBCG said that their representatives presented activities related to the further harmonization of the national regulatory framework governing the operations of credit institutions with EU legislation.

It was added that they emphasized that the stability of the financial system was further strengthened.

"At the meeting, it was particularly emphasized that the CBCG's regulatory activities will be further intensified in the coming period so that the process of harmonization with the valid EU regulations in this area will be completed in the shortest possible time," the statement said.

As it is added, the results in the field of payment transactions and the financial sector were discussed at the meeting, and EC representatives especially praised the progress of Montenegro in the process of joining SEPA, as well as the results achieved in the part of improving the regulatory framework in the field of payment systems.

"The participants of the meeting were additionally informed that, in order to more effectively realize the obligations to fulfill the final benchmarks in the negotiation chapters that are under its direct competence, the Coordination Body for monitoring the process of European integration, which is chaired by Governor Irena Radović, is stated in the announcement.

As it is added, with the same goal, an initiative was launched within the Council for Financial Stability to speed up the fulfillment of obligations in the process of European integration by the Commission for the Capital Market, the Insurance Supervision Agency and the Deposit Protection Fund.

In the announcement of the CBCG, it is reminded that the meeting of the Subcommittee for the Internal Market and Competition is held once a year, as if the subcommittees are working bodies that were established with the aim of monitoring the implementation of the contractual obligations from the Stabilization and Association Agreement by which Montenegro formally committed itself to harmonize its legislation with acquis communautaire of the EU.

"The active participation of the representatives in the work of the Subcommittee once again confirmed the readiness of the CBCG to, with its activities and expertise, provide a full contribution to the process of Montenegro's accession to the EU," the announcement concludes.

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