Radović: The financial sector is based on trust, responsibility and the ability to recognize and manage risks

The Central Bank of Montenegro (CBCG) delegation, led by Governor Irena Radović, is on a two-day working visit to Paris, during which it will hold a series of meetings with representatives of key European and French institutions responsible for the financial sector, supervision and public administration.

On the first day of the visit, the delegation met with the President of the European Banking Agency (EBA), François-Louis Michaud.

The discussion was dedicated to the process of Montenegro's accession to the European Union (EU), further harmonization of the regulatory and supervisory framework with the acquis communautaire and European banking standards, as well as preparations for intensifying cooperation with the EBA in the context of the future observer status, which Montenegro will acquire after signing the EU Accession Treaty.

Radović presented the activities of the Central Bank of Montenegro aimed at further harmonizing the regulatory and supervisory framework with European standards, as well as the process of the bank's institutional transformation towards future membership in the European System of Central Banks.

These efforts have been recognized by the European Commission (EC) and international partners as an important contribution to Montenegro's European integration.

Radović particularly pointed out the leading role of the Central Bank of Montenegro in the process of closing Chapter 17 - Economic and Monetary Policy, as well as in the temporary closure of Chapter 4 - Free Movement of Capital, through its strong performance to date in preserving the integrity of the financial sector and harmonizing with European standards.

She also emphasized that the Central Bank of Montenegro, within its competence, has fulfilled its obligations under Chapter 9 - Financial Services, where it also leads negotiations, and that it continues to provide an active and strong contribution to the closure of other negotiation chapters of importance for the financial sector and the country's European economic and financial integration.

In this context, the intensification of cooperation with the EBA was discussed in anticipation of the final phase of accession negotiations and the future inclusion of Montenegro in the European system of financial supervision.

"The CBCG greatly appreciates the cooperation with the EBA, which plays a key role in the development of regulatory standards, supervisory guidelines and strengthening supervisory convergence across the EU. For Montenegro, which is entering the final phase of membership negotiations, a strong dialogue with the EBA is an important part of preparations for full integration into the European financial and institutional framework," said Radović.

Michaud welcomed Montenegro's progress so far in the EU accession process and harmonisation with European standards, and confirmed the EBA's readiness to continue providing support to the Central Bank of Montenegro through the exchange of knowledge, experiences and good practices in the next stages of the integration process.

The interlocutors also discussed the EBA's priorities in the area of ​​simplifying the regulatory framework and strengthening proportionality in the application of European rules, which is of particular importance for smaller and open financial systems like Montenegro's.

During her stay in Paris, Radović, at Michaud's invitation, also participated in a conference organized by the European supervisory authorities for financial services - EBA, the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA).

The conference was attended by high-ranking representatives of European institutions and leading European financial services supervisory authorities, as well as representatives of the academic community and the financial sector.

"The meeting was dedicated to the impact of a more balanced representation of women and men in management structures on the quality of corporate governance, financial results and decision-making, which further confirmed the importance of this topic within the European financial and regulatory agenda," the Central Bank of Montenegro announced.

Speaking at the panel, Radović emphasized that diversity in management structures is an important factor in better decision-making and better risk management.

"The financial sector is based on trust, responsibility and the ability to recognize and manage risks in a timely manner," emphasized Governor Radović.

She added that more diverse boards and management teams bring a broader perspective, better quality debate, and a stronger basis for strategic decision-making.

"This is especially important in a time of accelerated technological change, new risks and increasing expectations from financial institutions," believes Radović.

She presented the Women on Boards Montenegro program, which the Central Bank of Montenegro implements in cooperation with the European Bank for Reconstruction and Development (EBRD), as an example of good practice in the field of improving corporate governance, developing women's leadership and strengthening women's participation at the highest levels of economic decision-making.

In this context, Radović also mentioned the activities of the Central Bank of Montenegro within the global WE Finance Code initiative, aimed at improving access to finance for women-led businesses and strengthening data, policies and partnerships that support their economic empowerment.

The working visit will continue with meetings with the Governor of the Bank of France Emmanuel Moulin, the first President of the Supreme Audit Institution of France Amélie de Montchalin, the President of the French Competition Authority and former member of the Executive Board of the European Central Bank Benoît Cœuré, as well as with the Rapporteur for Montenegro in the French Senate, Senator Laurence Harribey.

The talks will be dedicated to Montenegro's European integration, institutional reforms, cooperation with French institutions, and strengthening ties between the two countries.