Governor Radović Panellist at an IMF conference in Brussels
10/02/2024
“The Independence of Central Banks in a Changing World” is the topic that brought together the central bank governors of the IMF’s Belgian-Dutch constituency member countries at a high-level conference held on 8 and 9 February in Brussels. At the invitation of the organiser, the National Bank of Belgium, the CBCG Governor, Ms Irena Radović, participated in the Conference.
During the Conference, the speakers discussed the central banks’ independence as a prerequisite for successful monetary policy management. Moreover, they highlighted the importance of preserving financial stability in the context of rising interest rates.
During the panel, the central bank governors of the Constituency’s member countries presented their national experiences concerning the supreme monetary institutions’ independence. They concluded that the central bank’s independence must have a strong legal foundation, and its preservation is necessary to comply with the principles of responsibility, transparency and professionalism. Promoting and respecting these principles ensures the protection of central banks from political influences while improving the financial system’s credibility and stability, the Conference said.
As a conference panellist, Governor Radović presented Montenegro’s experiences in legislative reforms implemented to ensure the central bank’s independence as a benchmark in accessing the European Union.
“The Central Bank of Montenegro Law is fully harmonised with Protocol 4 on the Statute of the European System of Central Banks and the European Central Bank,” Governor Radović said.
In addition to Montenegro, the Belgian-Dutch constituency includes 15 other countries: Andorra, Armenia, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, Luxembourg, North Macedonia, Moldova, the Netherlands, Romania and Ukraine.
As one of the Conference attendees, Ms Kristalina Georgieva, the Managing Director of the International Monetary Fund, gave an overview of the importance of the central bank’s independence.