CBCG Strengthens Dialogue with European Supervisory Authorities

16/06/2026

A CBCG delegation, led by Governor Irena Radović, is on a two-day working visit to Paris, during which it is holding a series of meetings with representatives of key European and French institutions responsible for the financial sector, supervision and public administration.

As part of the first day of the visit, the delegation met with the Chairperson of the European Banking Authority (EBA), François-Louis Michaud. The discussion focused on Montenegro’s accession process to the European Union, the continued alignment of its regulatory and supervisory framework with the EU acquis and European banking standards, as well as preparations for enhanced cooperation with the EBA in the context of Montenegro’s future observer status, which the country will obtain upon signing the EU Accession Treaty.

Governor Radović presented the CBCG’s activities aimed at further aligning the regulatory and supervisory framework with European standards, as well as the Bank’s institutional transformation process in preparation for future membership of the European System of Central Banks. These efforts have been recognised by the European Commission and international partners as an important contribution to Montenegro’s European integration.

She particularly highlighted the CBCG’s leading role in the process of closing Chapter 17 – Economic and Monetary Policy, as well as in the provisional closure of Chapter 4 – Free Movement of Capital, through its strong track record in safeguarding the integrity of the financial sector and aligning with European standards. She also noted that, within its remit, the CBCG has fulfilled the obligations under Chapter 9 – Financial Services, where it also leads negotiations, and continues to make an active and substantial contribution to the closure of other negotiating chapters relevant to the financial sector and the country’s European economic and financial integration.

In this context, they discussed the strengthening of cooperation with the EBA awaiting the final phase of accession negotiations and Montenegro’s future integration into the European system of financial supervision.

“The CBCG greatly values its cooperation with EBA, which plays a key role in the development of regulatory standards, supervisory guidelines and the strengthening of supervisory convergence across the European Union. For Montenegro, which is entering the final stage of its membership negotiations, a strong dialogue with the EBA represents an important part of the preparations for full integration into the European financial and institutional framework,” Governor Radović stated.

President Michaud welcomed Montenegro’s progress in the European Union accession process and its alignment with European standards, and reaffirmed the EBA’s readiness to continue supporting the CBCG through the exchange of knowledge, experience and best practices during the forthcoming stages of the integration process.

The interlocutors also discussed the EBA’s priorities regarding the simplification of the regulatory framework and the strengthening of proportionality in the application of European rules, which is of particular importance for smaller and open financial systems such as Montenegro’s.

During her stay in Paris, Governor Radović also participated, at the invitation of Mr Michaud, in a conference organised by the European Supervisory Authorities for financial services – the EBA, the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA).

The conference brought together senior representatives of European institutions and leading European financial supervisory authorities, including Aurore Lalucq, Chair of the European Parliament’s Committee on Economic and Monetary Affairs; François-Louis Michaud, Chairperson of the EBA; Natasha Cazenave, Executive Director of ESMA; and Damian Jaworski, Executive Director of EIOPA, as well as representatives from academia and the financial sector.

The event focused on the impact of a more balanced representation of women and men in governance structures on the quality of corporate governance, financial performance and decision-making, further underscoring the importance of this issue within the European financial and regulatory agenda.

Speaking on the panel, Governor Radović emphasised that diversity within governance structures is an important factor in improving decision-making and enhancing risk management.

“The financial sector is built on trust, accountability and the ability to identify and manage risks in a timely manner,” Governor Radović stressed, adding that “more diverse boards and management teams bring broader perspectives, more informed debate and a stronger foundation for strategic decision-making. This is particularly important at a time of rapid technological change, emerging risks and increasing expectations placed on financial institutions.”

She presented the “Women on Boards Montenegro” programme, implemented by the CBCG in cooperation with the European Bank for Reconstruction and Development (EBRD), as an example of good practice in enhancing corporate governance, fostering women’s leadership and increasing women’s participation at the highest levels of economic decision-making. In this context, she also highlighted the CBCG’s activities within the global WE Finance Code initiative, aimed at improving access to finance for women-led businesses and strengthening the data, policies and partnerships that support their economic empowerment.

As part of the continuation of the working visit, meetings are scheduled with the Governor of the Banque de France, Emmanuel Moulin; the First President of the French Supreme Audit Institution (Cour des comptes), Amélie de Montchalin; the President of the French Competition Authority (Autorité de la concurrence) and former member of the Executive Board of the European Central Bank, Benoît Cœuré; as well as with the French Senate’s Rapporteur for Montenegro, Senator Laurence Harribey.

The discussions will focus on Montenegro’s European integration, institutional reforms, cooperation with French institutions, and the strengthening of ties between the two countries.