Given the international COVID-19 pandemic, finance ministers and governors from seven countries from South East Europe met online at the annual meeting of the CEF Governing Board.

Governing Board is a decision-making body of the CEF that decides about CEF program and strategy. At the online gathering, the Board confirmed the annual report of the CEF for 2019 and reviewed governance and program topics. Mr. Radoje Žugić, Governor of the Central Bank of Montenegro, handed over the one-year rotating chairmanship of the CEF Governing Board to Mr. Mugur Isărescu, Governor of the National Bank of Romania.

"I am honoured to assume the chairmanship of the CEF Governing Board and to work together with you in finding the best, comprehensive and coordinated packages of measures for counteracting the negative effects of COVID-19 pandemics; and continue the activities of our center. The fruitful cooperation between the National Bank of Romania, the Ministry of Public Finance in Romania and the CEF has enhanced the knowledge of finance officials in our country (through learning). The CEF’s capacity of understanding regional challenges and responding to them, while focusing on country specifics in implementation, are the key success factors of the CEF operations and we will continue to concentrate on these values." said NBR Governor Isărescu when he took over the chairmanship of the CEF Governing Board. His chairing of the CEF Governing Board will coincide with the 140-year anniversary of the National Bank of Romania and 20-year anniversary of the CEF.

Members of the Board comprise ministers of finance and governors of central banks from the CEF members (Albania, Bulgaria, North Macedonia, Moldova, Montenegro, Romania and Slovenia). Members of the Board are also three representatives of the Advisory Board.