Minister of European Affairs Maida Gorčević met with Maria Luís Albuquerque, European Commissioner for Financial Services, Savings and Investments, with whom she discussed the financial and development opportunities opening up for Montenegro as it progresses towards EU membership.
The interlocutors discussed ways in which Montenegro can prepare in a timely manner to turn the opportunities brought by EU membership into investments, a stronger and more competitive economy, as well as better access to capital for domestic companies.
A particular focus of the meeting was on closing negotiating Chapter 9 – Financial Services, aligning financial sector legislation with the European Union acquis and preparing Montenegro’s banking system to operate within the EU’s single banking market. In this context, it was highlighted that around 75 per cent of banks operating in Montenegro are headquartered in EU Member States, which represents a significant advantage in the process of integrating the financial sector into the European market.
“Montenegro is not preparing for European Union membership solely by aligning legislation and strengthening institutions. Our goal is to ensure that the country and its economy are ready to fully take advantage of the development and financial opportunities that membership brings,” Gorčević said.
She stressed that the proposed EU seven-year financial perspective represents an additional incentive to continue reforms and confirms that the European Union sees Montenegro as a future Member State.
“We want the European path to mean more investment, new jobs, stronger domestic companies and a better quality of life for citizens and the economy. That is why we are already working to create the conditions to turn future opportunities into tangible and sustainable results,” Gorčević said.
The meeting confirmed the importance of continuing reforms, strengthening the financial system and creating a stable and predictable business environment that will enable Montenegro to attract more European capital and accelerate economic development.