CBCG Enters a New Phase of Transformation Towards Full Readiness for the European Central Banking System

21/09/2026

The Central Bank of Montenegro (CBCG) has begun implementing the recommendations arising from the Needs Assessment project, marking the start of a new phase in the CBCG’s institutional transformation and preparations for the obligations stemming from Montenegro’s future membership of the European Union.

To this end, a Coordination Body has been established to monitor the implementation of the recommendations. It has held its first meeting and begun work on defining priorities, timelines, responsibilities and the resources required.

This process aims to ensure that the CBCG reaches, in a timely manner, the required level of institutional, professional, technological and operational readiness for membership in the European System of Central Banks (ESCB), and, at a later stage, for integration into the Eurosystem.

The Needs Assessment project, implemented from June 2025 to September 2026, provided a comprehensive assessment of the CBCG’s readiness and future needs. It was carried out in cooperation with De Nederlandsche Bank (DNB) and the National Bank of Belgium (Nationale Bank van België / Banque Nationale de Belgique – NBB), with the support of the Deutsche Bundesbank and other Eurosystem partners, while the second phase of the project was implemented with financial support from the European Commission.

During the 13 expert missions, more than 60 European experts conducted a detailed assessment of the CBCG’s organisation, processes and capacities. The outcome is a set of concrete recommendations for further institutional, human resources, technological and operational development, contained in 18 expert reports.

With the completion of the assessment, the CBCG is moving from analysis to implementation. The Coordination Body will ensure that the recommendations are implemented systematically across the institution, with clearly defined priorities and deadlines, and with resources directed towards the areas of greatest importance for the CBCG’s future work within the European central banking framework.
The recommendations cover virtually all of the CBCG’s key functions, including monetary and macroprudential policy, statistics, banking supervision and bank resolution, payment systems, as well as human resources management, information technology and data management, cyber security and digitalisation.

“What lies ahead is not merely the implementation of a set of recommendations, but the continuation of a far-reaching transformation of the Central Bank. The project, led by our colleagues from the central banks of the Netherlands, Belgium and Germany, has provided us with a clear roadmap of the areas in which further progress is needed. Our objective is to be ready not only for the day Montenegro joins the European Union, but also for the moment the Accession Treaty is signed, when a new phase begins for the CBCG in terms of its direct involvement in the European central banking framework, including participation in its structures in an observer capacity.

This requires strong institutional, human resources, IT and operational capacities, as well as ensuring that our staff are equipped to become increasingly involved, as early as 2027, in the work of the ESCB bodies and committees. From the first day of membership, the CBCG must be ready, as an integral part of the ESCB, to fulfil the obligations arising from membership on an equal footing, efficiently and without any adjustment period.

That is why we are implementing these changes in a planned, responsible and timely manner, with a clear objective: for the CBCG to enter the European central banking system as a modern, strong, resilient and fully operationally ready institution,” said CBCG Governor Irena Radović.

The CBCG is also publishing the final Needs Assessment Report today, making its findings and recommendations available to both the professional community and the wider public.

The Report confirms that the CBCG has a strong institutional foundation and a high level of commitment to European integration, while at the same time clearly identifying the areas in which capacities need to be strengthened further in order for the institution to respond to the greater volume and complexity of work that it will face within the ESCB.

In the period ahead, particular attention will be paid to strengthening professional and human resources capacities, information and payment systems, data management, cyber resilience, statistics, supervision and other functions directly linked to the CBCG’s future work within the European central banking system.

The implementation of the recommendations arising from the Needs Assessment project will be one of the CBCG’s key priorities in the period ahead and an important part of the institution’s preparations for the next stages of Montenegro’s European integration.

The Report is available at this link: Final Report - Needs Assessment_Central Bank of Montenegro.pdf