A Ceremonial Opening of the EU Twinning Project Support to Financial Services Regulation in Montenegro
19/11/2025
The opening ceremony of the EU’s Twinning Project “Support to Financial Services Regulation in Montenegro”, aimed at strengthening the regulatory, supervisory and institutional capacities of the CBCG and the Insurance Supervision Agency (ISA), was held today in Podgorica.
The project is financed by the EU and implemented by a consortium consisting of the Deutsche Bundesbank, as the leading partner, the Národná banka Slovenska, the Croatian National Bank, and the Croatian Financial Services Supervisory Agency (HANFA), with the support of experts from the central banks of Belgium, Bulgaria, the Netherlands, Portugal, Romania and Slovenia, the German Federal Financial Supervisory Authority (BaFin) and the Romanian Financial Supervisory Authority.
The goal of the project, which will last for 24 months until August 2027, is to further strengthen the efficiency, accountability and security of Montenegro’s financial sector, thereby directly contributing to overall financial and economic stability. Project activities will focus on the continued alignment of the national regulatory framework, supervisory practices and standards with the EU acquis, as well as on strengthening the institutional and administrative capacities of the CBCG and ISA.
In her introductory address at the ceremony, the CBCG Governor Irena Radović, emphasised the importance of the project for further modernisation and alignment with European standards.
“Through this project, the CBCG will continue to strengthen the regulatory framework and further harmonise with EU legislation, following new directives and regulations as they are adopted at the EU level. In this way, we reaffirm our lasting commitment to maintaining a stable and resilient financial system, fully aligned with European norms and best practices, and strengthen not only our institution but also the trust of citizens, the economy and international partners in the stability and integrity of Montenegro’s financial system,” Governor Radović said.
The Governor highlighted that this project will further enhance the CBCG’s ability to respond promptly to the challenges of the modern financial environment, including digitalisation, risk management, consumer protection, and the fight against money laundering and terrorist financing.
In addition to the CBCG Governor, the project’s significance for the further development and modernisation of Montenegro’s financial system was also addressed at the opening ceremony by: Marko Ivanović, President of the Council of ISA; Peter Felten, Ambassador of the Federal Republic of Germany to Montenegro; Eva Ponomarenkova, Ambassador of the Slovak Republic; Boris Belanić, Chargé d’affaires of the Embassy of the Republic of Croatia; Martin Dinkelborg, Director of Centre for Technical Central Bank Cooperation within the Deutsche Bundesbank; Sanja Tomičić, Executive Director at the Croatian National Bank; Júlia Čillíková, Executive Director at the National Bank of Slovakia; Şerban Matei, Director of the International Relations Department at the National Bank of Romania; and Martina Librenjak, Head of the Department for International Regulations and Cooperation at HANFA.