Governor Radović at the Annual Meeting of the IMF and the World Bank Constituencies
04/07/2025
The CBCG Governor, Irena Radović, participates in the regular Annual Meeting of the IMF and the World Bank Constituencies, held from 2 to 4 July in Luxembourg.
This year's meeting, titled “The Constituency in an Increasingly Fragmented World”, brought together governors of central banks and finance ministers of the Constituency member countries and senior officials of the IMF, the World Bank, the European Commission, the European Investment Bank, the European Stability Mechanism, and other international financial institutions. The discussions focused on the global challenges in an increasingly pronounced geopolitical and economic uncertainty, with a special focus on strengthening fiscal and financial resilience, green transition and sustainable growth.
Through several thematic sessions and substantive interaction, the meeting participants discussed innovative approaches in responding to contemporary challenges, with special focus on the importance of inclusiveness, deeper connection and strategic dialogue between the European Union and its neighbours. The participants agreed that strengthening regional cooperation is an important prerequisite for building more resilient, competitive and sustainable economies.
Governor Radović played a significant role as a reporter at the plenary session and a moderator at the session dedicated to the topic of European Union enlargement, where the speakers were Gert Jan Koopman, the European Commission’s Directorate-General for Enlargement and Eastern Neighbourhood, and Mark Horton, deputy director of the IMF’s European Department. The speakers pointed out that the European Union’s enlargement brings stability and economic growth to the candidates and the existing member states, stating that the accession of ten countries could increase the gross domestic product per capita in the future “EU-37” by as much as 14% in the next 15 years. As assessed, progress in integration depends on the implementation of reforms, availability of financial support and response to external challenges.
Summarizing the key conclusions of the session, Governor Radović highlighted that the EU enlargement process is extremely important in ensuring the European continent’s long-term security, stability and prosperity. “The adoption of the EU acquis, the implementation of structural reforms and the improvement of regional cooperation are key prerequisites for accelerating economic growth and integration into the single European market,” said Governor Radović.
During the day, Governor Radović also held a series of bilateral meetings with the governors of the central banks of the Dutch-Belgian constituency member countries to discuss bilateral cooperation and improving the CBCG’s institutional, regulatory and administrative capacities as its preparation for membership in the European System of Central Banks (ESCB).
As part of the visit to Luxembourg, the Montenegrin delegation led by Governor Radović and Minister of Finance Vuković also met with the International Finance Corporation (IFC) team headed by Vice President Alfonso García Mora. At the meeting, they discussed the models of cooperation between the CBCG and IFC and the planned activities within the new Partnership Framework of the World Bank Group for Montenegro, for the period 2025-2029. García Mora pointed out that this document envisages stronger support for SMEs in accessing financing and stressed that the IFC will continue to support Montenegro in the sustainable development and better adaptation to climate change. Governor Radović expressed the readiness of the CBCG to further deepen cooperation in sustainable finance and pointed out the importance of including the principle of sustainability in all future development projects.