Needs Assessment Project Successfully Completed: CBCG Enters the Implementation Phase of Preparations for the ESCB and the Eurosystem
03/09/2026
Ahead of the high-level conference marking the 25th anniversary of the Central Bank of Montenegro (CBCG), the final meeting of the Steering Committee of the project Assessment of the CBCG’s Needs for Alignment with the Standards of the European System of Central Banks (ESCB) and the Eurosystem (Needs Assessment) was held in Tivat, formally marking the successful completion of this comprehensive project and the beginning of the next phase of the CBCG’s institutional transformation.
On this occasion, Pierre Wunsch, Governor of the National Bank of Belgium, and Klaas Knot former President of the National Bank of Netherland presented Irena Radović, Governor of the CBCG, with the final Needs Assessment Report, which provides a comprehensive and independent assessment of the CBCG’s institutional and operational preparedness, together with recommendations for further alignment of its governance, operations, technological infrastructure and human resources with European central banking standards.
The completion of the project represents an important milestone in the CBCG’s preparations for assuming its future responsibilities within the European System of Central Banks (ESCB) from the moment Montenegro becomes a member of the European Union, and subsequently for participation in the Eurosystem.
The project was implemented in close cooperation with the National Bank of Belgium (NBB) and De Nederlandsche Bank (DNB), which served as the CBCG’s principal partner institutions throughout the Needs Assessment process. The project also benefited from the expertise and longstanding support of Deutsche Bundesbank, including through an EU Commission-funded cooperation initiative for the Western Balkans. Národná banka Slovenska (NBS) contributed additional expertise in selected areas, further enriching the assessment through the experience and know-how of the wider Eurosystem.
The assessment process, conducted from September 2025 to June 2026, included 13 expert missions to the CBCG, the engagement of more than 60 experts from partner central banks and the wider European central banking community, and the preparation of 18 individual assessment reports, whose findings and recommendations were consolidated into the final Needs Assessment Report.
The assessment covered the CBCG’s key central banking and support functions, with the aim of evaluating its preparedness to operate effectively within the institutional and operational framework of the ESCB and, at a later stage, the Eurosystem.
The final report confirms that the CBCG has a solid institutional foundation and is on a credible path towards closer integration into the European central banking community, while also identifying areas where additional capacities and investment will be required in order to respond to the broader scope, complexity and operational demands associated with future participation in the European central banking system.
Particular attention is given to further strengthening analytical and supervisory capacities, the capacities for the full implementation of monetary and macroprudential policy, information technology and data management, cybersecurity and operational resilience, digital transformation and human resources.
The recommendations set out in the report will provide the basis for a Roadmap for Alignment with ESCB, Eurosystem and European Banking Supervision and Resolution Standards, which will translate the findings of the assessment into concrete priorities, projects, resource requirements and implementation timelines.
Governor Radović thanked the partner institutions and experts who participated in the project, stressing that the handover of the final report does not mark the end of the process, but the beginning of its most important phase – implementation.
“The Needs Assessment has given us a clear and objective picture of where we stand, where our strengths lie and what we need to do next. Our goal is not merely formal alignment, but full operational readiness to assume our responsibilities within the European System of Central Banks from the very first day of Montenegro’s EU membership, while continuing preparations for future participation in the Eurosystem.
The next step is to turn the recommendations into concrete reforms, investments and institutional capabilities. The final report and the Roadmap will therefore guide the next phase of the CBCG’s transformation into a modern, resilient and fully integrated member of the European central banking community,” Governor Radović said.
Governor Wunsch commended the CBCG’s commitment, openness and professionalism throughout the project, as well as the quality of cooperation among the partner institutions. He stressed that the completion of the Needs Assessment constitutes an important milestone on the CBCG’s path towards integration into the European central banking community and reaffirmed the readiness of the partner institutions to continue supporting the CBCG as it moves from assessment to implementation.
The completion of the Needs Assessment comes at a particularly significant moment for the CBCG, which this year marks 25 years since its establishment, and for Montenegro, as the country approaches the final stage of its EU accession process.
Building on the findings of the report, the CBCG is now moving decisively from assessment to implementation, with a clear objective: to ensure that the institution is fully prepared – institutionally, operationally and technologically – for the responsibilities that will accompany Montenegro’s membership in the European Union and its integration into the European System of Central Banks, and eventually the Eurosystem.