Montenegro's entry into the SEPA system is a historic step in financial terms and integration into the European system, as well as confirmation that the Montenegrin financial system operates in accordance with the highest European standards, said representatives of the Central Bank of Montenegro (CBCG).
The representative of the Central Bank of Montenegro, Jela Rakočević, told high school students from Pljevlja at an interactive workshop on the SEPA system that in an institutional sense this means that we have accepted the rules of the European Union.
"This will especially lead to strengthening trust and stability in the economic sector, as well as to being recognized as an equal partner in the international market," said Rakočević.
The workshop Europe without Borders in Payments: Discover the Advantages of the SEPA System was held at the "Tanasije Pejatović" Gymnasium in Pljevlja, organized by the Ministry of European Affairs and the Center for Finance, in cooperation with that educational institution and the "Pljevlja" Secondary Vocational School, as part of the EU4ME project, funded by the European Union.
Students were introduced to the role of the Central Bank of Montenegro in the process of joining the SEPA area, as well as the importance that this step has for the country's financial system and its integration into the European payments market.
As announced by the relevant Ministry, they had the opportunity to learn what the European Payments Area looks like in practice and what specific benefits it brings to the citizens and economy of Montenegro.
The goal of the workshop is to better understand the benefits that the accession process and future membership in the European Union bring to citizens, with a special focus on the development of financial literacy and practical knowledge of young people.
The event was opened by State Secretary at the Ministry of European Affairs Bojana Bošković and Ivana Katnić from the Center for Finance.
Bošković presented to the students what the negotiation process of Montenegro with the European Union looks like, how the administration is working to meet benchmarks and prepare for the closure of negotiation chapters, as well as how important expertise and knowledge are in that process.
"Your chances are in the European Union, when we enter the European Union, but your chances are also in state-owned companies and organizations because we will need professional staff who will be able to implement European Union rules. So don't think about leaving here because there won't be any work, there will be work, there will just have to be enough people who know how to do that work. The European Union is proof that knowledge pays off," said Bošković.
Katnić explained to the students how SEPA works in practice and what the difference is compared to previous models of international transfers using a concrete example.
"The bank used to use, and still uses, the SWIFT system, but due to the large number of intermediaries in money transfers, it charged high commissions, so the minimum commission for 100 euros was 25 euros. Since Montenegro joined the SEPA system, it has been much simpler, faster and much cheaper," explained Katnić.
A special segment of the workshop was an online knowledge quiz on European financial flows and the SEPA system, in which students showed great interest, and the most successful participants were awarded.
Bonus video:
