Media release
03/04/2023
To inform the domestic and international public objectively, the CBCG submitted a letter to the President of the Parliament, Danijela Đurović, and the Committee for Economy, Finance and Budget concerning the 55th Committee meeting, which first agenda item was the Proposal for a Law Amending the Central Bank of Montenegro Law. The document was delivered to key international addresses involved in harmonising the Law with the European Union regulations and best international practices.
The letter pointed to the politicisation and ignoring of the official European Commission and the International Monetary Fund evaluations of the Law Proposal, which directly undermines the CBCG’s independence.
The Central Bank Council’s mandate shortening directly affects the CBCG’s independence guaranteed by the Constitution of Montenegro and further jeopardises the process of Montenegro’s accession to the European Union.
Namely, one of the most important principles of negotiation chapter 17 is the central bank’s full independence. It is, inter alia, ensured by the Central Bank Council’s mandate longer than the Parliament’s mandate, i.e. the Central Bank Council’s mandate length that does not depend on election cycles.
Shortening the Central Bank Council’s mandate jeopardises the closing of Chapter 17, and may even question the continued use of the euro in Montenegro. In the negotiations with the European Union conducted so far, Montenegro has been given the option to continue using the euro as its legal tender despite unilateral euroisation and the first precondition is the central bank’s full independence.
If the Parliament of Montenegro would support the Draft Law adopted today at the Committee for Economy, Finance and Budget, Montenegro would violate its obligation from the Stabilisation and Association Agreement, which stipulates that all laws relating to the common acquis communautaire must be sent to the European Commission for opinion and approval before adoption.
We also note that the accompanying material submitted to the Parliamentary Committee for Economy, Finance and Budget, together with the Proposal for a Law Amending the Central Bank of Montenegro Law, stated that the Proposal of the Law did not refer to the relevant European Union, thus misleading both MPs and the public.
Letter to the Committee for Economy, Finance and Budget