Governor Radović at the BIS Annual General Meeting
30/06/2024
The CBCG Governor, Ms Irena Radović, attended the Bank for International Settlements (BIS) Annual General Meeting on 29 and 30 June in Basel.
The BIS Annual General Meeting, attended by the central bank governors from 93 countries worldwide and the most prominent representatives of the international financial community, discussed the main conclusions of the BIS Annual Economic Report and current topics, such as inflation, macroprudential measures, innovations, and the benefits and risks of using artificial intelligence in the financial sector.
The annual meeting began with an introductory speech by the BIS Director General, Mr Agustín Carstens, who referred to central banks’ challenges in the previous period and the upcoming tasks before the monetary policymakers. In this context, he highlighted that central banks’ independence is crucial for financial stability and the effectiveness of global policies.
The meeting continued with discussing the individual central banks’ experiences in national payment systems and the possibilities of intensifying international cooperation to ensure more efficient and safer cross-border payments. The meeting concluded that, while firmly considering the implementation of the highest security standards, the exchange of experience and knowledge between countries and the adoption of new technologies will ensure the achievement of the joint objective, i.e. modern, safe and efficient cross-border payments.
A particular focus was placed on the BIS Innovation Hub, an initiative to encourage innovation and technological progress within the global financial system.
In addition to bilateral meetings with governors of the EU member states and the region, Governor Radović spoke with other high-ranked officials of the institutions present during her stay in Basel. At the meetings, Governor Radović presented the results of the CBCG work, especially intensive activities on improving the regulatory framework and modernising payment operations, and the activities on Montenegro’s accession to SEPA, which, through lowering transaction costs, will improve the citizens’ standard and the economy’s operations.
The BIS is the oldest international financial organisation, founded in 1930. Its central role is encouraging international monetary and financial cooperation between central banks and mediating financial transactions.