Central Bank of Montenegro begins institutional transformation for EU membership

The Central Bank of Montenegro (CBCG) has launched a new phase of institutional transformation to prepare for Montenegro’s future membership in the European Union. This phase involves implementing recommendations from the Needs Assessment project to ensure the bank reaches the required level of institutional, professional, technological, and operational readiness for the European System of Central Banks (ESCB) and, eventually, the Eurosystem.

A Coordination Body has been established to monitor the implementation of these recommendations, setting priorities, timelines, and resource allocation. The assessment process, conducted between June 2025 and September 2026, was carried out in collaboration with the central banks of the Netherlands and Belgium, with support from the Deutsche Bundesbank and other Eurosystem partners. The second phase of the project received financial support from the European Commission.

The assessment included 13 expert missions involving over 60 European specialists who analyzed the CBCG’s organization, processes, and capacities. This resulted in 18 expert reports containing specific recommendations for improvement across key functions, including monetary and macroprudential policy, statistics, banking supervision, and payment systems.