Governor Radović at the ECB: CBCG’s Operational Readiness Key to Successful Future Integration into the European System of Central Banks
22/09/2026
CBCG Governor Dr Irena Radović paid a working visit to the European Central Bank (ECB) in Frankfurt, where she met with senior ECB officials to discuss the CBCG’s preparations for future membership of the European System of Central Banks (ESCB).
During her meeting with Boris Vujčić, Vice-President of the ECB, they discussed the final stage of Montenegro’s accession negotiations with the European Union, the fulfilment of obligations under negotiating Chapter 9 – Financial Services and Chapter 17 – Economic and Monetary Policy, and the concrete steps being taken by the CBCG to ensure timely institutional, regulatory and operational readiness for integration into the European central banking framework.
Governor Radović explained that particular attention was being devoted to strengthening supervisory capacities and gradually aligning with the practices of the Single Supervisory Mechanism (SSM), enhancing analytical and macroeconomic functions, developing human resources, and preparing CBCG representatives to participate in the work of ESCB bodies and committees. The discussions also explored ways to further strengthen cooperation in the next stages of European integration.
The Governor also presented the findings of the recently completed CBCG Needs Assessment Project, carried out with the support of the central banks of the Netherlands, Belgium and Germany, and with financial support from the European Commission during its second phase. She emphasised that the CBCG had already begun implementing the recommendations and established a coordination mechanism to monitor priorities, deadlines and responsibilities.
“Legal alignment provides an essential foundation, but genuine readiness is measured by an institution’s ability to apply European standards consistently in practice. Our preparations therefore extend beyond legislation to encompass people, technology, data, governance and day-to-day operational processes. Our objective is for the CBCG to become a reliable and fully operational member of the ESCB from the very first day of Montenegro’s EU membership,” Governor Radović stated.
The visit also included a series of meetings focusing on macroeconomic developments and the outlook for Montenegro’s economy, institutional and human resource capacity building, payment infrastructure, and the further alignment of the CBCG’s operational functions with ECB and Eurosystem standards.
Particular attention was given to the results of Montenegro’s accession to the Single Euro Payments Area (SEPA) and the introduction of instant payments based on TIPS technology, both representing important steps towards integration into Europe’s financial infrastructure. Discussions also covered the next stages of payment system modernisation and its interconnection with Eurosystem infrastructures, as well as opportunities for technical assistance, knowledge-sharing and the CBCG’s involvement in relevant preparatory activities and working structures of the European central banking system.
The participants welcomed Montenegro’s progress towards EU membership, as well as the CBCG’s proactive approach and commitment to achieving full institutional and operational readiness. They agreed to maintain intensive dialogue and cooperation throughout the next stages of integration into the European central banking system.
The CBCG delegation, led by Governor Radović, also included Dr Zorica Kalezić, Vice-Governor, and Saša Šćekić, Director of the Information Technology Department and Coordinator of Institutional Transformation Activities.