Newly Appointed EU Ambassador Visits CBCG

07/10/2024

“The CBCG remains fully committed to fulfilling all obligations related to the further development and integration of the Montenegrin financial system into the European economic and market area,” said the CBCG Governor, Ms Irena Radović, during today’s meeting with the newly appointed Ambassador of the Delegation of the European Union to Montenegro, Mr Johan Sattler. 

The meeting provided an opportunity to discuss the upcoming activities for Montenegro on its European path, mainly through the lens of the EU’s Growth Plan for the Western Balkans. The Plan aims to allow the region’s countries to benefit from EU membership advantages before formal accession. A key aspect of the Plan is joining the Single Euro Payments Area (SEPA), where Montenegro has made significant progress and is expected to be the first Western Balkans country to join the system. Montenegro's joining the SEPA will bring numerous benefits to both Montenegrin citizens and the economy through simpler, faster and cheaper transactions.

Governor Radović highlighted that the CBCG is intensively working on aligning the domestic regulatory framework with the EU acquis and adopting European standards and best practices. “These activities will certainly directly contribute to the success of Montenegro’s integration processes, and additionaly strenghten our country's financial stability. With a financial system that is reliable, efficient and integrated into the European framework, Montenegro will become even more attractive for foreign investments, thus creating conditions for a stronger economic growth,” said Governor Radović.

Governor Radović thanked Ambassador Sattler for the support the European Union provides to Montenegro through financing projects from European funds, which are crucial for the faster and more efficient implementation of reforms and for the EU’s support to the CBCG in building and strengthening its institutional, regulatory, and administrative capacities.