Republic of Montenegro: 2007 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Republic of Montenegro

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 048

Publication date: February 2008

ISBN: 9781451826708

$20.00

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Topics covered in this book

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Banks and Banking , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Industries - Hospitality Travel and Tourism , ISCR , CR , foreign direct investment , authority , Montenegrin authorities , outturn , policy , credit growth , retail price inflation , staff appraisal , FDI inflow , Credit , Tourism , Public sector , Fiscal stance , Global , Baltics

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Summary

The economic expansion in Montenegro is proceeding at full strength. The economy is overheating. Rapid credit growth is overstretching banks, and has contributed to ballooning asset prices. Eroding competitiveness is a concern. Management of the boom falls on fiscal policy. Tax cuts have been procyclical and potentially destabilizing. Fiscal risks need to be contained. The main focus of credit policy should be to strengthen banking sector supervision. Completing the transition to a market economy should be kept at the top of the policy agenda.