Strong institutions are the foundation of resilience in times of global uncertainty, said the Governor of the Central Bank of Montenegro (CBCG), Irena Radović.
Radović, as reported by the CBCG, participated in the Annual Meeting of the Constituent Assembly of the International Monetary Fund and the World Bank, which was held in Varna, organized by the Ministry of Finance of Bulgaria and the Bulgarian National Bank.
It is stated that this year’s meeting, under the theme “Turning uncertainty into a long-term opportunity”, brought together governors, ministers of finance and high representatives of 16 countries of the Constituency, with the aim of exchanging views on global economic challenges, strengthening resilience and the role of international financial institutions in supporting sustainable development.
As it is added, in the role of rapporteur, Radović summarized the recommendations of this year’s meeting of the Constituent Assembly of the IMF and the World Bank.
Radović pointed out that the member countries of the Constituency were exposed to a series of interconnected crises during the previous years, from the pandemic, the energy crisis, inflationary pressures and disruptions in supply chains to geopolitical tensions, the war in Ukraine and growing climate risks.
“The experience of previous years clearly shows that resilience must become the central principle of economic policies. Macroeconomic stability remains a basic prerequisite for development, but today it increasingly depends on the strength of institutions, the resilience of the financial sector and the ability of the system to respond to new risks,” said Radović.
In this context, she pointed out the need for the IMF and the World Bank to further strengthen support for members in early recognition of vulnerabilities, strengthening institutional readiness and building capacity to respond to future crises.
The CBCG said that within the framework of the meeting of the Constituent Assembly, Radović met with the director of the IMF, Kristalina Georgieva.
The conversation, it was added, was dedicated to the progress of Montenegro on the way to the European Union (EU), further European financial integration, strengthening the resilience of the financial sector and the continuation of the IMF’s support for the reform processes implemented by the CBCG.
Radović emphasized that Montenegro remains strongly committed to the strategic goal of EU membership, while the CBCG, through regulatory harmonization, strengthening of institutional capacities and adoption of European standards in its areas of competence, continues to actively contribute to the success of the accession process.
She pointed out that Montenegro’s membership in the SEPA geographical area is one of the most important concrete results of European financial integration, which already brings measurable benefits to citizens and the economy through faster, cheaper and more efficient payments.
Radović, as it is added, also announced the imminent launch of the instant payment system through the implementation of the TIPS clone precept.
It is stated that the future of European financial integration was also discussed at the meeting, including the importance of stronger connection of financial markets and strengthening of the single European market.
Radović pointed out that it is especially important for candidate countries to be timely involved in processes that support economic convergence with the EU and prepare them for full participation in the European financial architecture.
She thanked the IMF for continuous expert and technical support to the CBCG, especially in the areas of strengthening institutional capacities, improvement of the regulatory and supervisory framework, stress testing and assessment of the impact of AML/CFT risks on financial stability.
It is reported that Radović also met with the governor of the Bulgarian National Bank, Dimitar Radev.
The focus of the conversation, as it was added, was the CBCG’s European agenda, preparations for future membership in the European System of Central Banks and the Eurosystem, as well as the possibility of further strengthening the cooperation between the two institutions.
“It was pointed out that Bulgaria’s experience, especially in the areas of institutional preparation, operational readiness, payment systems, supervision and coordination with the European central banking framework, is of great importance for the CBCG in the next phase of the accession process,” the statement said.
Radović thanked the Bulgarian National Bank for its support so far, especially in the areas of banking supervision and financial stability, assessing that the BNB’s experience can further contribute to turning the CBCG’s European agenda into concrete institutional, operational and technical readiness.
“Participating in the Annual Meeting of the Constituent Assembly of the IMF and the World Bank was an opportunity for the Central Bank of Montenegro to present the experiences of Montenegro in areas of importance for future economic resilience, as well as to contribute to the joint shaping of the priorities of the Constituent Assembly,” the statement said.
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