CBCG Delegation Led by Governor Irena Radović Visits Brussels

08/07/2024

The CBCG delegation, led by Governor Ms Irena Radović, paid a working visit to Brussels, where it had a series of important meetings with high representatives of European institutions. Governor Radović met with the Director General of the European Payments Council (EPC), Mr Giorgio Andreoli and the Director General of the Directorate for Financial Stability, Financial Services and Capital Market Union (DG FISMA), Mr John Berrigan.

At the meeting with General Director Andreoli, they discussed Montenegro’s request to join the Single Euro Payment Area (SEPA), which the CBCG submitted to the European EPC on behalf of the state on 1 July, and the upcoming steps in this process. They also discussed the need for continued cooperation between the CBCG and EPC on preparing banks in Montenegro to join the SEPA payment scheme.

At the meeting with the DG FISMA’s Director General, they also discussed Montenegro’s activities on its accession to SEPA. “The submission of the formal request was preceded by intensive CBCG activities, other regulators, the Government, and the Parliament of Montenegro on harmonising domestic regulations with the acquis communautaire governing payment services, credit institutions’ operations, prevention of money laundering and terrorist financing, free movement of capital and personal data protection”, said the Governor. She added that CBCG would continue working on further modernising the payment system, creating favourable conditions for the country’s economic growth and development.

“We are impressed by the activities you have implemented, especially that they were implemented in an extremely short period,” said Director Berrigan. Congratulating the CBCG and Montenegro for successfully finalising the first phase of the process, Mr Berigan noted that the European Commission and the EPC will actively analyse the Montenegrin application in the coming months and then make a final decision on membership.

The interlocutors agreed that in addition to significant benefits for Montenegrin citizens, companies and the state through faster, safer and significantly cheaper international payments, SEPA membership will improve Montenegro’s financial ecosystem and encourage economic integration. They expressed the expectation that accession to the SEPA will further bring Montenegro closer to full membership in the EU.

During the visit to Brussels, the CBCG delegation also met with Marie-Therese Gold, Head of the Bundesbank office in Brussels, functioning within the House of the Euro organisation, opened in November 2023 by the President of the European Central Bank, Christine Lagarde. This organisation functions as a representative office of the ECB and the central banks of the euro area. It serves as a platform for improving their cooperation and exchanging information, experiences and best practices. At the meeting, they exchanged the experiences of the CBCG and the Bundesbank and praised the CBCG’s efforts to improve banking regulations and preserve Montenegro’s financial stability of Montenegro.

Later in the day, the Governor will meet with the Director General of the Directorate for Neighborhood and Enlargement Negotiations (DG NEAR), Mr. Hert Jan Koopman.

The visit of the CBCG delegation to Brussels is another step towards Montenegro’s further integration into the European Economic Area and confirms its strong commitment to European integration and the stability of the Montenegrin financial system.