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.

In order to fulfill the obligations in the negotiation process with the European Union, the CBCG formed Coordination Body for Monitoring EU Negotiations within the Central Bank of Montenegro's Competence:

  • Monitoring and evaluating Montenegro's EU accession negotiations, identifying issues and potential challenges during the negotiation process, and providing guidelines and recommendations from the perspective of the Central Bank to further enhance its role in this process;
  • Establishing a unified position of the Central Bank in the negotiation process between Montenegro and the EU;
  • Adopting platforms for the participation of Central Bank representatives in EU working body meetings and reviewing reports on the participation of Central Bank representatives in high-level meetings;
  • Reviewing materials prepared by the Central Bank within the EU negotiation process and other important matters in this area;
  • Reviewing reports and recommendations from EU institutions, published on a regular and/or ad hoc basis;
  • Assessing the results of projects implemented and financed from EU pre-accession funds and initiating new ones;
  • Reviewing other issues and activities directly or indirectly related to the EU integration process.