A Meeting of the CBCG Coordination Body for Monitoring Negotiations with the European Union within the CBCG Competence
21/06/2024
The CBCG will continue with intensive activities to fulfil obligations within the negotiation chapters under its direct competence, was the conclusion of today’s meeting of the CBCG Coordination Body for Monitoring Negotiations with the European Union within the CBCG Competence and the perspective of integration into the Economic and Monetary Union (EMU) chaired by the Governor, Ms Irena Radović.
At the meeting, it was noted that Montenegro has progressed in preparations for joining the Single Euro Payments Area (SEPA) as a priority activity from the European Commission’s Growth Plan for the Western Balkans. The Coordinating body decided that, as the coordinator of SEPA accession activities, the CBCG would make all efforts to accelerate this process further and submit the official application to the European Payments Council (EPC) by the end of June.
The meeting topics also included the implemented and upcoming activities within the negotiation chapters managed by the CBCG (4 - Free movement of capital, 9 - Financial services and 17 - Economic and monetary policy), with particular reference to aligning the supervisory regulatory framework with EU legislation.
These steps are vital elements in Montenegro’s accession to the European Union, as they enable harmonisation with European standards and further progress of the CBCG towards full membership in the European System of Central Banks (ESCB).
By accelerated implementation of the obligations stemming from the negotiation chapters that it manages, the CBCG wants to strongly contribute not only to the closing of the negotiation chapters and Montenegro’s membership in the EU but also to significantly strengthen our financial system’s stability and efficiency, thereby creating the conditions for sustainable economic growth and better integration into the European market. The CBCG remains committed to these objectives and will continue to work to achieve them for the benefit of the entire Montenegro’s population.