Governor Radović meets the OeNB Governor: Prioritise Connecting Montenegrin Banks to SEPA Schemes
16/01/2025
During her visit to Vienna, the CBCG Governor, Ms Irena Radović, visited the National Bank of Austria (OeNB) today, where she spoke with the Governor, Mr Robert Holzmann.
The meeting provided an opportunity to exchange views on the CBCG’s strategic plans for further institutional strengthening and alignment with the European System of Central Banks (ESCB) standards and key steps in Montenegro’s European economic integration. Governors Radović and Holzmann discussed topics related to financial stability, regulatory reforms and the CBCG’s institutional strengthening through the technical support of the OeNB and the Eurosystem.
One of the key topics of the meeting was Montenegrin banks’ joining Single Euro Payments Area (SEPA) schemes in the context of Montenegro’s recent accession to the SEPA area. Both governors expressed confidence that the integration process to SEPA would be successful, with the CBCG’s and relevant partners’ active support. They emphasised that completing this process is essential for modernising Montenegro’s payment system, enabling faster, cheaper, more efficient and safer transactions in euros at the national and international level, and for the consequent strengthening of the Montenegrin economy’s competitiveness and growth.
Governor Radović presented the CBCG’s activities on banks’ technical and legal preparation for SEPA integration. She emphasised the engagement of external experts, the organisation of training sessions and the activities of the Committee for the Coordinating SEPA Accession to provide comprehensive support and coordination among all stakeholders.
At the meeting, they also discussed other aspects of bilateral cooperation between the central banks of Montenegro and Austria, underlining the importance of applying best practices to strengthen financial stability and improve the regulatory framework. Governor Radović expressed her gratitude to Governor Holzmann for his cooperation and support in these crucial processes, which are key to further integrating Montenegro into the European economic area.