The European Central Bank (ECB) it has launched a Eurosystem cooperation program with the Central Bank of Montenegro, it was announced Tuesday.
The European Union (EU) has allocated almost €300,000 from its Instrument for Pre-Accession Assistance to fund the program, which is aimed at assisting the Central Bank of Montenegro in their preparations for joining the European System of Central Banks (ESCB), once the country has qualified for EU membership.
Within the framework of the program, a needs-assessment report will be prepared, identifying further progress required to meet the EU's central banking standards.
To lay the foundations for this program, Mario Draghi, President of the ECB, and Milojica Dakic, Governor of the Central Bank of Montenegro, signed a memorandum of understanding between their institutions and those Eurosystem national central banks that participate in the program.
Announcing the launch of the program during a press conference in Podgorica, Dakic said: "The project commences at a very important moment for the Central Bank of Montenegro and the country itself as the remaining negotiation chapters are being opened. The project is significant with a view to improving the economic and financial cooperation of the Central Bank of Montenegro with the central banks of the EU Member States."
Alberto Cammarata, representing the Delegation of the European Union to Montenegro, said: "Building an economic system based on sound financial management is important in protecting consumers and attracting investors. This project reflects the EU commitment to assist all Montenegrin institutions - in this case the Central Bank - in achieving the necessary standards in this key area prior to accession."
Following the first meeting of the program's Steering Committee in Podgorica, work on the needs-assessment report began Tuesday. Over the next seven months, experts from the Eurosystem will assess nine of the Central Bank of Montenegro's functions against EU and international standards and policies. The program is being implemented by the ECB in partnership with ten national central banks of the Eurosystem.
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