Bloomberg reports that Montenegro’s central bank governor, Irena Radović, is facing political pressure and institutional obstruction amid the country’s efforts to join the European Union. Montenegrin politicians have criticized and moved against the Central Bank of Montenegro (CBCG), raising concerns in Brussels and the European Central Bank about the bank’s independence — a key condition for EU accession.
The crisis stems from parliament’s failure to appoint new members to the CBCG Council, leaving Radović as the only member whose mandate has not expired by December. This situation effectively paralyzes the institution and opens the door to legal challenges.
Despite Montenegro using the euro unilaterally, Radović has taken a strict stance on financial oversight, imposing €4.6 million in fines on banks for financial crimes since taking office in 2023. Tensions escalated after she opposed government efforts to weaken regulatory controls and resisted political interference in fiscal policy. The government has since taken over CBCG property in Podgorica, an action she is contesting.
Radović’s attempts to appoint new deputy governors were blocked in parliament earlier this year, despite EU calls for transparent and merit-based appointments. The deadlock has deepened political divisions between President Jakov Milatović and Prime Minister Milojko Spajić, once close allies who have since split over Spajić’s cooperation with pro-Russian lawmakers.
The European Commission and IMF have both urged Montenegro to protect the central bank’s operational independence and fill vacant positions as soon as possible. During her recent visit to Podgorica, European Commission President Ursula von der Leyen reaffirmed Montenegro’s leading position among EU candidates, saying the country could join the bloc by 2028 if it remains committed to reforms.
Radović has not commented publicly on the situation, but Bloomberg recalls her earlier statement that defending national interests “is not easy” and often means standing up to powerful figures — a path she described as “difficult, but the only right one.”
