CBCG Governor Meets with the Bundesbank Executive Board Member


The Governor of the Central Bank of Montenegro, Mr Radoje Žugić, met today with Mr. Burkhard Balz, a Member of the Executive Board of the Deutsche Bundesbank.

Mr. Balz's visit was organized on the occasion of the completion of the twinning project in which the CBCG participated with other regulators of the financial market in Montenegro - the Capital Market Commission and the Insurance Supervision Agency. The project was implemented in cooperation with a consortium consisting of the Deutsche Bundesbank, the Croatian National Bank, De Nederlandsche Bank, the German Federal Financial Services Authority (BaFin), and the Croatian Financial Services Supervisory Agency (HANFA).

The main goal of the project was to further harmonize domestic legislation in the field of financial services with the acquis communautaire, while strengthening regulatory and supervisory capacities. The project, worth 1.4 million euros, lasted for 27 months and it was implemented with financial support from the European Union.

Governor Žugić expressed his gratitude to the Bundesbank representative for the support that this institution provides to Montenegro, highlighting, in particular, the significance of the twinning project. “This project represents a confirmation of a successful cooperation between the CBCG and the Bundesbank”, Governor Žugić pointed out adding that, through the implementation of the project, "the CBCG has significantly harmonized the regulatory framework, policies and procedures with the best practices and standards of central banking of the European System of Central Banks." In this way, the CBCG has once again confirmed its full commitment to the continuous improvement of its operations.

Mr. Balz pointed out that the Bundesbank supports the process of Montenegro’s European integration, and that it is ready to make a full contribution to the process of joining the CBCG to the European System of Central Banks.