CBCG Delegation Visits the Central Bank of Cyprus: Eurosystem Experience to Support CBCG’s Transformation on its Path towards the ESCB and the Eurosystem
08/07/2026
A delegation of the CBCG, led by Governor Irena Radović, is on a working visit to the Central Bank of Cyprus (CBC).
The visit has been organised as part of the CBCG’s preparations for future participation in the ESCB and, following Montenegro’s accession to the European Union, in the Eurosystem. It takes place in the context of the CBCG’s institutional transformation, building on the project Needs Assessment for Alignment with ESCB and Eurosystem Standards, carried out by the Dutch and Belgian central banks with the support of the Deutsche Bundesbank and other Eurosystem partners.
During the meeting with the CBC Governor, Christodoulos Patsalides, discussions focused on the institution’s practical experience in the European integration process and its adaptation to the requirements of the Eurosystem. Particular attention was given to the organisational, technological and human resources aspects of preparing for membership of the ESCB and the Eurosystem, as well as to the ways in which smaller central banks can develop the necessary capacities while enhancing operational efficiency and financial sustainability.
“The CBCG is entering a decisive phase of its institutional transformation. Following the completion of the expert Needs Assessment for alignment with ESCB and Eurosystem standards, our task now is to translate its recommendations into a realistic, sustainable and proportionate multi-year institutional development programme. The experience of the CBC is of great value to us, as it demonstrates how the central bank of a smaller country can successfully meet the requirements of membership of the ESCB and the Eurosystem through careful resource planning, clearly defined priorities and the preservation of institutional efficiency,” Governor Radović stated.
Governor Patsalides emphasised that timely planning, clearly defined priorities and the gradual strengthening of institutional, human and technological capacities are essential for successfully preparing a central bank for participation in the ESCB and the Eurosystem. He stressed that readiness for membership of the Eurosystem requires not only an aligned regulatory framework but also the development of a strong, professional and organisationally mature institution capable of assuming and fulfilling all obligations arising from membership of the European central banking community.
The CBC represents one of the most relevant benchmark models for the CBCG, given its experience in the process of accession to the European Union and the introduction of the euro, its long-standing membership of the Eurosystem, its characteristics as the central bank of a smaller Member State, and its experience in implementing organisational, human resources and governance reforms.
The visit to the CBC forms part of the CBCG’s broader preparations for the next phase of European integration, during which the recommendations of the Needs Assessment project will be translated into a roadmap and a comprehensive multi-year programme for strengthening the institutional, operational, technological and human resource capacities of the CBCG, with the objective of ensuring full readiness for future participation in the ESCB and the Eurosystem.
In addition to Governor Radović, the CBCG delegation includes Vice Governor Zorica Kalezić, Governor’s Adviser Biljana Gligorić, Director of the Information Technology Department Saša Šćekić, and Adviser in the Governor’s Office Milena Vučinić.