Montenegro opens Chapter 17 Economic and monetary policy

The eleventh meeting of the Accession Conference with Montenegro at Ministerial level was held today in Luxembourg to open negotiations on Chapter 17 - Economic and monetary policy.

It was jointly recognised that the opening of this chapter, as well as further work in this area, is of great importance for aligning to the principles of an open market economy based on free competition, the policy of the single currency, and the achievement and maintenance of price stability.

In his address to the representatives of the Member States and the European Commission, Minister of Foreign Affairs Srđan Darmanović pointed out that thanks to the dedicated work of all Montenegrin institutions, Montenegro now has 31 open chapters, three of which are temporarily closed, and expressed the expectation that the remaining two – Chapter 8 Competition and Chapter 27 Environment - will be opened by the end of the year.

Speaking about the importance of Chapter 17, Minister Darmanović pointed out that Montenegro has already achieved significant results in this area.

"This chapter is of special importance for the open, successful and eurized economy of Montenegro. In this sense, we have already undertaken numerous activities that open the way for further economic and financial growth, and the next months we will use for further deepening and acceleration of both economic and political reforms. "

Negotiator for Chapter 17, Vice Governor of the Central Bank of Montenegro Nikola Fabris said that, with the already achieved progress in this area, following the opening of Chapter 17, Montenegro will continue to align its legal framework with European acquis in order to improve the transparency and sustainability of public finances, reduce transaction costs, facilitate international trade, increase mobility as well as fully integrate the Central Bank of Montenegro into the European System of Central Banks.

European Commissioner for Neighbourhood Policy and Enlargement Negotiations Johannes Hahn said that the opening of negotiations in Chapter 17 represents another important step forward on the European path, voicing expectation that Montenegro will continue to fulfill its commitments from the European agenda. He said that Montenegro had made the most progress in negotiations with the EU, and that the priority, in the coming period, should be the field of the rule of law. Commissioner Hahn reiterated that the European Commission will continue to support the integration of Montenegro into the EU, including expert and financial assistance.

Chairperson of the delegation of the Council of the EU, Bulgarian Minister of Foreign Affairs Ekaterina Zaharieva said that the opening of another negotiating chapter confirms Montenegro's continued progress and fulfillment of conditions for EU membership. She recalled the commitment of Bulgaria's presidency of the Council of the EU to the enlargement policy and the European future of the Western Balkans, especially highlighting the role of Montenegro in this context.