CBCG: We are actively preparing for integration into the European System of Central Banks

The Central Bank of Montenegro (CBCG) is actively preparing for Montenegro's accession to the European Union, as well as for the future integration of the CBCG into the European System of Central Banks (ESCB) and, at a later stage, into the Eurosystem.

"As part of this process, the Central Bank of Montenegro should ensure that its organization and working methods are aligned with the standards and requirements of the ESCB and the Eurosystem," the statement said.

On this occasion, a meeting of the Steering Committee of the CBCG Needs Assessment for the Alignment with the ESCB and Eurosystem Standards project was held at the Central Bank of Montenegro.

"Harmonization with the above standards represents one of the key prerequisites for strengthening the credibility and efficiency of the Central Bank of Montenegro, as well as for Montenegro's overall progress in the European integration process," the Central Bank of Montenegro said.

The project, Assessment of the CBCG's Needs for Harmonization with ESCB and Eurosystem Standards, is being implemented in cooperation with partner institutions - the Dutch Central Bank (DNB) and the Central Bank of Belgium (NBB), as well as the German Central Bank (Bundesbank), which also leads the Western Balkans Program (WB6), with the aim of strengthening the capacities of central banks in the region and their integration into the ESCB.

"The goal of the project, which began in September and will last until June next year, is to comprehensively review the current situation, identify areas for improvement, and define clear reform priorities in line with European central banking standards," said the CBCG.

The assessment will, as stated, result in specific recommendations from ESCB experts, which will be translated into a roadmap, i.e. a comprehensive action plan for implementing the necessary reforms at all organizational levels of the institution. This will ensure that the Central Bank of Montenegro, upon Montenegro's accession to the European Union, is fully prepared for membership in the ESCB and the Eurosystem.

At the meeting, attended by representatives of the Central Bank of Montenegro and the aforementioned partner banks, the implemented and upcoming activities were discussed, with the aim of implementing the project as efficiently as possible in accordance with the planned dynamics.