Central Bank of Montenegro presents needs assessment results for alignment with ESCB and Eurosystem standards

The Central Bank of Montenegro said its delegation met European Commission officials and partner central banks in Brussels to present the results of a project assessing the bank’s needs for alignment with the standards of the European System of Central Banks and the Eurosystem. The assessment set out findings and recommendations to strengthen the central bank’s institutional, operational, technological and human capacities as preparation for full integration into the ESCB and future participation in the Eurosystem. The project was presented as a key element of the central bank’s institutional transformation in Montenegro’s European Union accession process and as a framework for further alignment with ESCB standards, practices and requirements. European Commission officials highlighted the importance of continued capacity building in payment systems, Single Euro Payments Area integration and preparations for connectivity to the TARGET Instant Payment Settlement infrastructure. The meeting also reaffirmed continued cooperation between the European Commission, the Central Bank of Montenegro and partner central banks including the Dutch Central Bank and the National Bank of Belgium on the next phase of alignment work.