The Central Bank of Montenegro’s needs assessment project for alignment with the standards of the European System of Central Banks and the Eurosystem has been presented in Brussels as one of the most important pillars of the institution’s transformation as Montenegro moves deeper into the EU accession process.
A delegation of the Central Bank of Montenegro, led by Governor Irena Radović, met in Brussels with Gert Jan Koopman, Director-General of the European Commission’s Directorate-General for Enlargement and Eastern Neighbourhood. Representatives of partner central banks leading the project, including the central banks of the Netherlands and Belgium, also took part in the meeting.
The project, formally focused on assessing the Central Bank’s needs for alignment with ESCB and Eurosystem standards, was presented as a practical roadmap for strengthening the institution’s regulatory, operational, technological and human capacities. Its findings and recommendations are intended to guide the next phase of reform, particularly as Montenegro prepares for eventual integration into the European financial architecture.
According to the Central Bank, the assessment provides a comprehensive framework for further harmonisation with the standards, practices and requirements of the European central banking system. That makes the project more than a technical review: it is a structured reform instrument for preparing the CBCG to operate within a much more demanding institutional environment.
Koopman welcomed the progress achieved through the project, underlining its importance for Montenegro’s overall readiness for the next stage of European integration. Particular attention was given to the need to strengthen institutional capacity, maintain reform momentum and advance work in areas such as payment systems, SEPA integration and preparations for connection to TIPS infrastructure.
These areas are central to Montenegro’s financial-sector convergence with the EU. SEPA integration would bring the country closer to the European payments area, while future connection to TIPS would support faster and more efficient instant payments within the European framework. For a euroised economy such as Montenegro, these reforms carry strategic importance because they link domestic financial infrastructure more closely to the systems used across the EU.
Governor Radović said the support of the European Commission, together with the expertise of the partner central banks of the Netherlands, Belgium and Germany, as well as other Eurosystem central banks involved in the project, is a crucial foundation for CBCG’s institutional transformation.
She noted that the assessment gives the Central Bank a clearer direction for the next stage of reform, helping it define priorities, resources and concrete steps for alignment with ESCB and Eurosystem standards. For Montenegro, which is entering a more advanced phase of accession negotiations, the readiness of the central bank is not only a regulatory issue, but also an operational, technological and staffing challenge.
The meeting confirmed the importance of continued cooperation between the European Commission, partner central banks and the CBCG. The next phase will be focused on translating the assessment’s recommendations into institutional changes that can support Montenegro’s readiness for EU membership and future participation in the European central banking framework.
