Cooperation with EU Institutions

The CBCG has an important role in the process of Montenegro’s EU integration. One of the main objectives of the CBCG in that process is to ensure the stability and integrity of Montenegro’s entire financial system and to adjust it in order to bring it in line with the requirements of the ESCB.

The CBCG is actively involved in the EU negotiation process and closely cooperates with the Ministry of European Affairs, the leading institution in the negotiation process, as well as with other competent institutions. The CBCG obligations include participation in the meetings of coordination structures established with a view to monitoring the fulfilment of contractual obligations stemming from the Stabilisation and Association Agreement, preparation of strategic documents for the EU accession process at the national level, preparation of its contributions for the purposes of the country’s regular reporting to the European institutions (Annual EC Report on Montenegro and Montenegro Economic Reform Programme).

CBCG representatives participate in 10 working groups for negotiating chapters which are within its direct or indirect mandate. Of five negotiating chapters directly related to its mandate, the CBCG is in charge of the following three: Chapter 4 – Free movement of capital, Chapter 9 - Financial Services, Chapter 17 Economic and Monetary Union, whereas it is actively involved in the work of the working groups for Chapter 18 – Statistics and Chapter 32 – Financial control (the area of protection of the euro from counterfeiting).

The CBCG closely cooperates with the EU institutions through regular visits and continuous communication, particularly with the EC, ECB and ESCB. The cooperation includes regular meetings, implementation of projects, etc. The CBCG also takes part in the annual High Level Dialogue that the ECB holds with individual central banks of the EU candidate countries which have started the accession negotiations.