Montenegro's Ambitious EU and Euro Zone Ascent by 2028

Montenegro is setting its sights on joining the European Union and the euro zone by 2028, according to Prime Minister Milojko Spajic. This potential advancement comes amid the EU's efforts to accelerate the incorporation of new members following geopolitical tensions sparked by Russia's invasion of Ukraine. Currently, Montenegro is focused on fulfilling EU Commission requirements to secure accession discussions by 2027.

Prime Minister Spajic emphasized Montenegro's economic growth over the last five years, pointing to doubled economic output and salaries as evidence of progress. Despite positive economic indicators, challenges remain, such as aligning inflation and interest rates with euro area standards. These efforts are crucial for Montenegro's dual aspirations to join the EU and the euro zone simultaneously.

However, questions loom over the government's recent financial projections, as noted by the Montenegrin central bank. Spajic, defending his administration's record, noted a relatively low budget deficit and expressed interest in exploring bond sales to both domestic and international investors. The bid to join the EU represents a significant milestone as Montenegro seeks international support for its application to the bloc.

(With inputs from agencies.)