CBCG one step closer to full institutional and operational readiness for ESCB

The Central Bank of Montenegro (CBCG) is one step closer to full institutional and operational readiness for the European System of Central Banks (ESCB).

The Central Bank of Montenegro announced that a meeting of the Steering Committee of the project "Needs Assessment of the Central Bank of Montenegro for Harmonization with ESCB and Eurosystem Standards" was held in Brussels.

The project is being implemented in cooperation with partner institutions - the central banks of Belgium and the Netherlands.

Part of the activity is financed under the Western Balkans Programme, funded by the European Union (EU), which aims to strengthen the capacities of central banks in the region and support their integration into the ESCB.

The meeting was attended by representatives of the Central Bank of Montenegro and partner institutions, as well as the Central Bank of Slovakia, which participated in the implementation of project activities within the Western Balkans Program.

"The Needs Assessment project represents one of the strategic initiatives of the Central Bank of Montenegro in the process of preparing for Montenegro's accession to the European Union and the future harmonization of the Central Bank of Montenegro with the standards and practices applicable in the European central banking system," the Central Bank of Montenegro announced.

Through a comprehensive assessment of the institutional, operational and functional readiness of the Central Bank of Montenegro, the project contributes to further improving the Bank's organization, processes and operational practices, in line with best European practices and standards.

The meeting reviewed the results achieved since the beginning of the project in September last year. It was noted that all planned activities were implemented in accordance with the agreed schedule and the successful completion of the assessment phase was confirmed.

Within this phase, intensive expert work was carried out through 13 missions to the Central Bank of Montenegro, with the participation of more than 70 experts from partner central banks and the wider ESCB network.

"Through the direct exchange of knowledge, experiences and best practices, experts have provided a significant contribution to reviewing the existing capacities of the Central Bank of Montenegro and defining recommendations for their further improvement. The result of this process is comprehensive individual reports, the findings and recommendations of which will be consolidated in the Final Report, and then translated into a Roadmap," the Central Bank of Montenegro said.

This document will represent a comprehensive framework for further preparations of the Central Bank of Montenegro for future participation in the ESCB and the Eurosystem.

The Governor of the Central Bank of Montenegro, Irena Radović, emphasized the strong commitment of the Central Bank of Montenegro to continuing to align its organizational structure, internal processes and operational practices with the standards of the ESCB and the Eurosystem.

"The Needs Assessment project is of exceptional importance for the further institutional transformation of the Central Bank of Montenegro. We particularly appreciate the experience and expertise shared with us by experts from leading central banks of the European Union, as well as the support of institutions that play an important role in the European central banking framework. Their recommendations provide us with a clear and structured basis for implementing reforms that will further strengthen the efficiency, resilience and credibility of the Central Bank of Montenegro," said Radović.

The goal, as she stated, is for the Central Bank of Montenegro to continue to develop as a modern, strong and European-oriented institution, fully prepared for the obligations arising from Montenegro's future membership in the EU.

The Governor of the Central Bank of Belgium, Pierre Wunsch, welcomed the significant progress made since the start of the project and praised the commitment and professionalism of the CBCG throughout the assessment process.

He stated that the results of the assessments will serve as a practical instrument to guide the CBCG's further alignment with ESCB and Eurosystem standards.

Wunsch emphasized the importance of the project and highlighted the willingness of partner central banks to continue to provide support to the CBCG during this process.

"The participants of the meeting expressed their satisfaction with the quality of cooperation established during the project implementation and confirmed their joint commitment to completing the remaining activities in accordance with the planned schedule," the statement concluded.