Governor Radović at MICEB 2025: Sustainable Finance and Digital Transformation - Key to Montenegro’s Development and EU Integration
29/05/2025
The CBCG Governor, Irena Radović, participated today in the international conference MICEB 2025 - “Shaping Sustainable Economies: The Road to EU Membership”, held from 29 to 31 May in Budva.
In her speech regarding Montenegro’s EU accession negotiations related to finance, Governor Radović outlined the CBCG’s key activities to align the institution with the European System of Central Banks (ESCB) and support Montenegro’s broader EU integration process. She emphasised that sustainability and digital transformation are interrelated pillars of economic development and that CBCG’s mission focuses on building a resilient, inclusive, and sustainability-oriented financial institution that seeks integration into the ESCB.
“One of the reforms we have undertaken in this direction is Montenegro’s adherence to SEPA, which will soon deliver significant benefits to our citizens and businesses through more efficient, safer, and more affordable transactions,” said the Governor. She added that the CBCG was actively working to establish a national instant payment system based on a European TIPS clone, enhancing service quality to EU standards and strengthening integration into the European financial area.
According to the updated estimates presented at the conference, the SEPA integration will yield direct annual effects, including savings in payment transactions, increased foreign direct investments, and improved digital inclusion and competitiveness in exports and tourism.
“SEPA and TIPS are not merely technical solutions; they are strategic levers for inclusive growth and convergence with the EU,” the Governor highlighted. She also stated that the CBCG’s analyses show that the full implementation of these reforms could bring approximately 160 million euros in annual benefits, equating to about 2.3% of Montenegro’s GDP. The CBCG estimates that the full implementation of these reforms could increase per capita income by 2,583 euros over the next decade and reduce the economic gap in per capita income between Montenegro and the EU by more than 11 percentage points.
“The reforms of the CBCG will provide a significant boost to inclusive growth, integration into the European economy and long-term economic resilience,” Governor Radović concluded.
During the conference, the Governor met with Professor James Robinson, last year’s Nobel Prize winner in Economics, recognised for his research on institutions’ integrity, inclusiveness, and independence and their impact on economic prosperity. They exchanged views on the implications of geo-economic fragmentation for Montenegro and underscored the importance of independent and inclusive institutions as the foundation for sustainable economic development and resilience. Professor Robinson remarked that inclusive and strong institutions are key to long-term prosperity. According to him, Montenegro has a strong potential to persist in that area, following EU standards. Both parties acknowledged the necessity of institutional reforms to accelerate Montenegro’s economic growth and reduce economic inequalities.
CBCG sponsors the prestigious International Conference MICEB 2025, organised by the Faculty of Economy at the University of Montenegro in cooperation with foreign partners to celebrate its 65th anniversary. The event brought together leading experts from academia, business and public institutions to share knowledge and experiences in sustainable economic development and the reform processes necessary for EU membership.