Irena Radović, Governor of the Central Bank of Montenegro (CBCG), participated in the Annual Vienna Initiative Forum on September 29–30 in Brussels, organized by the European Commission. The forum focused on the Savings and Investment Union (SIU) and its opportunities and challenges for Central and Southeast European economies.
Governor Radović spoke on a panel dedicated to Montenegro’s accession to SEPA (Single Euro Payments Area), alongside senior EU and financial officials. She highlighted that Montenegro’s entry into SEPA is a historic step for the country’s financial sector, enabling all 11 commercial banks to offer faster, safer, and cheaper cross-border euro payments starting October 7, ahead of EU membership. Radović emphasized SEPA as a key tool for increasing competition, attracting foreign investment, and accelerating income convergence toward the EU average.
Looking ahead, the CBCG plans to launch a national instant payments system based on the TIPS model in July 2026, in partnership with the Bank of Italy under the European Central Bank. This system will be fully interoperable with EU standards, reduce costs by tens of millions of euros annually, accelerate digitalization, and enhance financial inclusion.
Forum participants noted the SIU’s importance for strengthening capital markets, boosting household savings, and diversifying financing sources, as regional economies remain largely bank-dependent. Montenegro’s active participation underscores its commitment to EU integration and regional economic development.
