History ... of Montenegro
Montenegro is an independent country since 3 June, 2006 when in an independence referendum held the previous month the country’s population voted to split from Serbia and Montenegro.
Historically, Montenegro was ruled by various empires, the Romans arrived as early as 168 BC through the Venetians who ruled parts of the territory through a series of bishop princes from the 15th Century until 1797, and to the Austro-Hungarian empire in the 19th Century. There was also a short period of Ottoman rule in the middle of the 16th Century. Each of these left their mark in the architecture and culture of this beautiful land. In 1852 Montenegro became a secular principality and was recognised as an independent sovereign principality at the Congress of Berlin in 1878.
After World War I, during which Montenegro fought on the side of the Allies, Montenegro was absorbed by the Kingdom of Serbs, Croats, and Slovenes, which became the Kingdom of Yugoslavia in 1929.
In the period post-1945, Montenegro was one of six republics in the former Federal Republic of Yugoslavia. This period was marked by industrial expansion, including the construction of railway lines and ports, and tourism became an important industry. Other sectors to benefit during this period of industrialisation included steel, aluminium, coal mining and textiles, while international shipping and trade became important sources for foreign currency earnings. Podgorica, then named Titograd, became the republic’s seat of government, replacing the historic Cetinje as capital.
From 1997, following a period of economic decline, Montenegro gradually began severing its ties with Serbia while taking more control over its economic affairs. This was followed by implementation of faster and more efficient privatization and the passing of reforming legislation. For example it adopted the German mark as the official currency in response to high inflation. This lead in 2002 to the adoption of the euro as the state’s legal tender and remains so to the present.
Following the independence referendum, Montenegro's economy has continued to transform into a more service-based one, with goals of becoming an elite tourist destination and joining the European Union. It applied for EU membership in December, 2008. It actively pursues foreign direct investment with particular success in the tourism sector, resulting in a number of high-profile projects recently being completed, including the Porto Montenegro marina and resort development on the beautiful Bay of Kotor at Tivat.