This report covers the key macroeconomic and financial releases as well as the political events from Montenegro for the period of November 6-December 5, 2015. NATO invited Montenegro to begin accession talks on December 2, a move that has already drawn an angry reaction from Moscow. If Montenegro calls a referendum asking its citizens whether they would support the country’s joining to NATO, 56% would vote positively, while 44% would not support it, according to a poll conducted by Ipsos Strategic Marketing agency. In its latest report, the EC noted that Montenegro has achieved some level of preparation in terms of fight against corruption and organized crime, but needs to further improve it. The Delegation of the European Union to Montenegro said that the total indicative amount of EU financial assistance allocated to the country by 2020 is €324mn. Standard & Poor's said on November 13 it has affirmed Montenegro’s B+/B long-term and short-term foreign and local currency ratings with stable outlook on expectations for strong economic growth of an average 3.2% per year in 2015-2018, supported by increased investment activity. Montenegro’s government said it has decided to lower the so-called crisis tax on higher personal incomes in 2016 from 13% to 12%, aiming to ease the burden on private companies. Key points: • The budget deficit increased more than three times y/y to €253.2mn in the first ten months of 2015 • The number of foreign tourists visiting Montenegro increased by 4.6% y/y to 41,880 in October • Industrial output swung to 12.4% y/y growth in October • Bank assets rose 14% y/y to €3.52bn at end-October