Governor Radović at the Financial Market Authority Conference in Vienna: Deeper European Financial Integration Strengthens the Resilience of Small Economies
07/10/2026
CBCG Governor Dr Irena Radović participated in the supervisory conference organised by Austria’s Financial Market Authority (FMA), entitled Europe’s Financial Future: Sovereignty and Resilience, which brought together representatives of central banks, European regulatory and supervisory authorities, the financial sector, and international experts in Vienna.
Governor Radović spoke on the panel Europe’s role in the global financial system, dedicated to the impact of geopolitical and structural changes on the European financial sector, strengthening its resilience and competitiveness, Europe’s strategic autonomy, and the further integration of European capital markets.
Speaking about the consequences of increasing geopolitical fragmentation, the Governor stressed that stronger European financial integration is particularly important for small economies such as Montenegro, which are already closely connected to the European financial system but are not yet fully integrated into its institutional framework.
“Only an integrated European economic and financial area can have the capacity to influence global developments and strengthen Europe’s economic position. For small economies, with limited room to respond to external shocks, integration into the broader European system represents an important element of resilience,” the Governor said.
Governor Radović noted that the enlargement process should also be viewed through its economic and strategic dimensions, emphasising that the experience of previous enlargements confirms their strong contribution to growth and convergence. At the same time, the integration of candidate countries into the European single market even before formal membership contributes to the greater resilience of Europe as a whole.
“Enlargement is not solely about the accession of new members. It expands the European economic area, increases its growth potential and strengthens Europe’s ability to respond to geopolitical challenges,” the Governor said.
As a concrete example of the benefits of European integration, Governor Radović highlighted Montenegro’s inclusion in SEPA and the introduction of instant payments based on the Eurosystem’s TIPS infrastructure. She noted that such processes benefit both candidate countries and the European Union, as they simultaneously expand the single market, reduce costs and dependencies, and contribute to greater European strategic autonomy and resilience.
Alongside Governor Radović, the panel featured François-Louis Michaud, Chairperson of the European Banking Authority (EBA), Peter Bosek, Chief Executive Officer of Erste Group, Nicolas Véron, representative of the Bruegel and the Peterson Institute for International Economics; and Mariana Kühnel, Executive Director of Austria’s Financial Market Authority (FMA).
Other participants in the conference included Frank Elderson, Member of the Executive Board and Vice-Chair of the Supervisory Board of the ECB; Claudia Buch, Chair of the Supervisory Board of the ECB, Martin Kocher, Governor of the Oesterreichische Nationalbank (OeNB); Ante Žigman, Governor of the Croatian National Bank; as well as senior representatives of the Single Resolution Board (SRB), the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), leading European financial institutions, and academia.