C O N T E N T S  

• Review of Macroeconomic Developments 
• Real Sector Developments 
• Monetary Developments 
• Financial Markets 
• Fiscal Developments 
• External Developments 
• Montenegro and the Europian Union 
• Important Events 
• Annexes: 
  • Annex A 
  • Annex B 
  • Annex C 
  • Annex D