Podgorica, (MINA-BUSINESS) – According to Governor of the Central Bank (CBCG) Irena Radovic, the experience of the Central Bank of Cyprus is valuable, as it demonstrates how a central bank of a smaller country can successfully meet the requirements of membership in the European System of Central Banks (ESCB) and the Eurosystem.

A delegation from the Central Bank of Montenegro (CBCG), led by Radovic, is on a working visit to the Central Bank of Cyprus.

The visit was organised as part of CBCG’s preparations for future participation in the ESCB and, following Montenegro’s accession to the European Union (EU), in the Eurosystem.

“The visit comes in the context of CBCG’s institutional transformation based on the project ‘Needs Assessment for Alignment with ESCB and Eurosystem Standards’, carried out by the central banks of the Netherlands and Belgium, with the support of the Bundesbank and Eurosystem partners,” the CBCG said in a press release.

During a meeting with Governor of the Central Bank of Cyprus Christodoulos Patsalides, participants discussed the institution’s practical experience in the European integration process and its alignment with Eurosystem requirements.

Patsalides saidi that successful preparation of a central bank for participation in the ESCB and the Eurosystem requires timely planning, clearly defined priorities, and the gradual strengthening of institutional, human resource and technological capacities.

He added that readiness for Eurosystem membership does not only involve a harmonized regulatory framework, but also the development of a strong, professional and organizationally mature institution capable of assuming and fulfilling all obligations arising from membership in the European central banking community.