Podgorica, (MINA-BUSINESS) – The Central Bank (CBCG) is one step closer to full institutional and operational readiness for the European System of Central Banks (ESCB).

 

The CBCG stated in a press release that a Steering Committee Meeting of the project “Assessment of CBCG Needs for Alignment with the Standards of the European System of Central Banks (ESCB) and the Eurosystem” (Needs Assessment Project) was held in Brussels.

 

The project is being implemented in cooperation with partner institutions – the National Bank of Belgium and the Central Bank of the Netherlands.

 

Part of the activities are financed within the framework of the EU-funded ESCB-Western Balkans Programme (WB6), aimed at strengthening the capacities of central banks in the region and supporting their integration into the ESCB.

 

The meeting was attended by representatives of the CBCG and partner institutions, as well as the National Bank of Slovakia, which participated in the assessment initiatives within the framework of the Western Balkans Programme.

 

“The Needs Assessment Project is one of the CBCG’s strategic initiatives in the process of preparing for Montenegro’s accession to the European Union and the future alignment of the CBCG with the standards and practices applicable within the European central banking system,” the CBCG said in a press release. 

 

Through a comprehensive assessment of the CBCG’s institutional, operational and functional readiness, the project contributes to the further enhancement of the Bank’s organization, processes and operational practices in line with European best practices and standards.

 

During the meeting, participants reviewed the results achieved since the launch of the project in September 2025. It was noted that all planned activities had been implemented in accordance with the agreed timetable, thus formally confirming the successful completion of the assessment phase.

 

This phase involved an extensive expert work carried out through 13 missions conducted at the CBCG, involving more than 70 experts from partner central banks and the wider ESCB network. 

 

“Through direct exchanges of knowledge, experience and best practices, the experts contributed significantly to assessing the CBCG’s existing capacities and formulating recommendations for their further enhancement. The outcome of this process consists of comprehensive individual reports, the findings and recommendations of which will be consolidated into a Final Report and subsequently translated into a Roadmap,” the press release reads. 

 

This document will provide a comprehensive framework for the CBCG’s further preparations for the upcoming participation in the ESCB and the Eurosystem.

 

CBCG Governor Irena Radovic highlighted the CBCG’s strong commitment to continuing the alignment of its organizational structure, internal processes and operational practices with ESCB and Eurosystem standards. 

 

“The Needs Assessment Project is of exceptional importance for the continued institutional transformation of the CBCG. We particularly value the experience and expertise shared by experts from leading European Union central banks, as well as the support of institutions that play an important role within the European central banking framework. Their expertise and recommendations provide us with a clear and structured foundation for implementing reforms that will further strengthen the CBCG’s efficiency, resilience and credibility,” Radovic said.  

 

According to her, the goal objective is for the CBCG to continue developing as a modern, strong and European-oriented institution, fully prepared to meet the obligations arising from Montenegro’s future membership of the European Union.

 

Governor of the National Bank of Belgium Pierre Wunsch welcomed the significant progress since the beginning of the project and commended the CBCG’s commitment and professionalism throughout the assessment process. 

 

He said that the results of the assessments will serve as a practical instrument for guiding the CBCG’s further alignment with ESCB and Eurosystem standards. 

 

Wunsch emphasized the importance of the project and underlined the readiness of the partner central banks to continue supporting the CBCG throughout this process.

 

“The meeting participants expressed their satisfaction with the quality of cooperation established during the implementation of the project and reaffirmed their shared commitment to completing the remaining activities in accordance with the planned timetable,” the press release concludes.