Banco de España Supports CBCG on its EU Standards Path
20/03/2025
A delegation from the CBCG, led by Governor Irena Radović, paid an official visit to the Banco de España. The delegation also includedCBCG Deputy Governor Zorica Kalezić and Advisor to the Governor Biljana Gligorić.
During a constructive and cordial meeting with Banco de España Governor José Luis Escrivá, they discussed key aspects and challenges in preparing the CBCG for future membership in the European System of Central Banks (ESCB).
Governor Escrivá emphasised the importance of central banks’ transparency, highlighting it as a tool for informing the public and a key mechanism for strengthening their independence. In this context, Governor Escrivá praised the engagement of the CBCG, one of the first central banks in the world to initiate the Transparency Code Review by the International Monetary Fund (IMF), which confirmed the CBCG’s high level of transparency.
“The Banco de España fully supports the further strengthening of the CBCG and its organisational and functional transformation to align with the ESCB standards fully,” Governor Escrivá said.
Governor Radović thanked the Banco de España Governor for his support and cooperation in preparing the CBCG Strategic Plan for 2025-2028. She highlighted the CBCG’s commitment to the further modernisation of the Montenegrin financial system while preserving its stability and resilience.
The CBCG delegation also held additional meetings with colleagues from the Banco de España on implementing ESG standards, financial education and improving operational processes in the central banks’ operations.
As part of her visit to the Banco de España, Governor Radović also participated in a high-level conference dedicated to the management of central banks. This event is part of the IPA project aimed at strengthening the capacity of the central banks of the Western Balkans for their integration into the European System of Central Banks (ESCB).
The conference brought together senior central bank officials from the region and the EU. Its main topics were strategic planning, central bank management and supervision and key challenges in the modern banking sector. Governor Radović was a speaker at the panel dedicated to transparency and accountability mechanisms.
“Modern central banks face increasing challenges in preserving their independence, balancing between inflation control, preserving financial stability and responding to geopolitical and economic turbulence,” said Governor Radović. She added that the key to long-term stability lies in the central banks’ ability to remain committed to independence and transparency, making decisions guided by economic imperatives.
Governor Radović’s participation in this event has confirmed the CBCG’s active role in regional and European cooperation and the commitment to further strengthening capacities following the highest international standards.