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DPM Simović meets with Deusche Bundesbank Executive Board Member: Germany remains committed to helping Montenegro

Published on: Jul 6, 2020 • 9:35 PM Author: PR Service
Deputy Prime Minister for Economic Policy and Financial System Milutin Simović hosted today Member of the Executive Board of the Deutsche Bundesbank Burkhard Balz, who is in Montenegro on the occasion of the final ceremony of the twinning project "Support to Financial Services Regulation".

DPM Simović expressed his satisfaction with the meeting and thanked the Deutsche Bundesbank for its continuous and selfless support to the Central Bank of Montenegro. He congratulated the successful completion of the twinning project led by the Deutsche Bundesbank and Mr Balz.

"This is just one of the elements in the mosaic of overall support in strengthening the capacity of the Central Bank of Montenegro," said Simović and expressed satisfaction that the twinning project will have positive effects on the work of two other important entities - the Capital Market Commission and the Insurance Supervision Agency, which are, alongside the Central Bank of Montenegro, project beneficiary institutions.

Furthermore, the Deputy Prime Minister pointed out Germany's indirect support in the decision of the Governing Council of the European Central Bank on the establishment of a new financial instrument, EUREP, which will enable Montenegro to apply for funds to support the systemic liquidity of the Montenegrin financial sector. Simović said that this is extremely important and represents a signal of guarantee and stability in these challenging times, adding that the COVID 19 pandemic as a health crisis is increasingly a socio-economic challenge. "That is why global answers, cooperation and solidarity are important to us," the Deputy Prime Minister added.

Emphasising Germany's continued support on Montenegro's path to Euro-Atlantic integration and economic development, especially in key decisions, in 1999 during the introduction of the Deutsche Mark in the Montenegrin monetary system, in 2006 during the restoration of independence and NATO membership, DPM Simović pointed out that "such support is still needed, when there are intentions from certain addresses for Montenegro to revise its integration and overall reform achievements." The Deputy Prime Minister said that strong support from Germany on the path to EU membership is needed in the negotiation Chapter 17 - Economic and Monetary Union.

Burkhard Balz thanked DPM Simović for organising the meeting and confirmed that the Deutsche Bundesbank will remain committed to close cooperation with the Central Bank of Montenegro.

"We are happy to have successfully implemented the twinning project through a consortium consisting of the Deutsche Bundesbank, the Croatian National Bank, the Bank of the Netherlands, the German Federal Financial Supervisory Authority and the Croatian Financial Services Supervisory Agency," Balz said.

As a former MEP, Balz said that he was "very happy that Montenegro opened the last chapter in the negotiation process with the EU." "Germany will remain committed to helping Montenegro on its path to the EU. In the first place, it is the job of politicians, and we bankers will provide the necessary support from our part, "Balz said. 

Simović and Balz exchanged experiences of Montenegro and Germany in the fight against COVID 19 and expressed hope that the countries would jointly fight the pandemic. DPM Simović informed Balz about Montenegro's successful fight in the first wave of the epidemic. "Now we are dealing again with the problem of the spread of the virus, which was imported, while trying not to close our economy. We will cope with that challenge as well," Simović pointed out.

OFFICE OF THE DEPUTY PRIME MINISTER

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