On 29 November, the National Bank of Serbia hosted a ceremony to mark the successful kick-off of the project “Strengthening of the Institutional Capacities of the National Bank of Serbia in the Process of EU Accession”.

The opening ceremony was attended by dr Jorgovanka Tabaković, governor of the National Bank of Serbia, representatives of the Delegation of the European Union to the Republic of Serbia, ambassadors of the countries participating in the project, representatives of the Serbian Government, members of the project team, as well as representatives of other relevant institutions.

In her welcome address, governor Tabaković stated that the implementation of projects such as this one aims at deepening cooperation and dialogue among central banks and further strengthening of our institutions. The governor also said that:

“…different stages of the EU accession process pose a great challenge for a country, and hence for the central bank. The integration of central banks into the economic and financial mechanisms of the EU requires adjustment at all levels of the hierarchy and in all business areas. At the same time, this process presents a unique and precious opportunity for building our institutions, and, as such, has no alternative.”  

In her opening address, the governor stressed that cooperation, based on trust and mutual understanding, will help us make wiser decisions and that this is possible only if we work together and if we share the same values.

The project is financed from the EU pre-accession funds (IPA) and is implemented in cooperation with partner central banks – central banks of Germany, Croatia and Romania, with the support of the German Agency for International Cooperation (Deutsche Gesellschaft für Internationale Zusammenarbeit – GIZ). Project implementation commenced on 10 September 2018 and is envisaged to last for 18 months. Contracting Authority is the Department for Contracting and Financing of EU Funded Programmes of the Ministry of Finance.

The aim of the project is to strengthen further the National Bank of Serbia’s capacities. The project is divided into three components and envisages the achievement of 12 specific results with clearly defined activities to be implemented in many areas.  

In the opening ceremony, special attention was also devoted to the role of the National Bank of Serbia in the process of association and accession to the EU. The National Bank of Serbia is a member of the Subcommittee for Internal Market and Competition and the Subcommittee for Financial and Economic Affairs, and also takes part in the Stabilization and Association Committee. The National Bank of Serbia participates in eleven negotiation groups, being the first competent institution in NG 9 – Financial Services and NG 17 – Economic and Monetary Policy and the second competent institution in NG 4 – Free Movement of Capital.