We are proud of what we have achieved this year, and we will carry this momentum into 2026 as we deliver on our program objectives and contribute to strengthening public financial management, central banking, institutional learning, and leadership capacity across our member and constituency institutions.

This progress is reflected in the achievements of our partners across the region. EU candidates and potential candidates have advanced their Economic Reform Programmes and Reform Agendas, strengthening their path toward EU membership. The Public Finance Academy in North Macedonia has continued to consolidate its role as a hub for professional learning. Montenegro’s ministries of finance and public administration have made important strides in driving reform implementation, while the National Bank of Moldova has progressed on its journey toward becoming a resilient learning organization.

Taken together, these examples highlight what is possible when strong role-model leadership is present at every level - senior, middle, and junior. They also offer valuable practices and inspiration that can be shared across the region and beyond.

This is precisely the direction reinforced in the CEF’s Strategic Direction through 2029, which commits us to supporting public institutions in becoming learning organizations. In practical terms, this means fostering environments where individuals, teams, and institutions continuously grow, where knowledge is shared, leadership is cultivated, and innovation is embraced. And this includes your institution as well.

Looking ahead, let us keep one point firmly in view: the mandate of an institution is not fulfilled by systems and processes alone. It is brought to life by people with courage and commitment: by teams who believe in their mission, by leaders who invest in learning, and by institutions that dare to evolve. Together, let us continue sailing forward through the waves of complexity toward a horizon of opportunity, empowering institutions not just to reform, but to thrive.

On behalf of the CEF Team, I wish you a peaceful holiday season.

Jana Repanšek
CEF Director