Albania, Montenegro, North Macedonia, and Moldova have recently joined the Single Euro Payments Area (SEPA). This landmark decision was announced by the European Commission, confirming that 40 banks across these four nations were accepted into the payment scheme.
Benefits of Joining SEPA
Incorporating SEPA will facilitate faster and more affordable financial transactions between these countries and the European Union. The European Commission forecasts that this integration could potentially save up to €500 million for individuals and businesses across these nations.
Timeline for Inclusion
The European Payments Council’s decision came after these countries entered SEPA’s geographical scope, which occurred between November 2024 and March 2023, as indicated by the Commission.
Statements from Leaders
- European Commission President Ursula von der Leyen recently highlighted Albania’s inclusion as a significant step toward financial integration with the EU.
- Moldovan President Maia Sandu referred to the decision as a “historic milestone” for European integration.
- Montenegro’s Prime Minister Milojko Spajić emphasized the importance of SEPA membership in fostering closer ties with the EU.
In her remarks at the EU-Western Balkans Investment Forum in Tirana, von der Leyen noted the immediate impacts of joining SEPA. She shared that after its accession, a money transfer from Brussels to Tirana that once took 3–4 days was completed in minutes at no cost. This demonstrates the efficiency SEPA promises to deliver.
The Economic Impact
Each country’s economic leaders have expressed optimism regarding the significance of SEPA membership. For Montenegro, Central Bank Governor Irena Radović remarked on the broader implications of integrating into the EU economy. She highlighted the reduction of transfer times from days to hours while minimizing fees.
Macedonia’s Finance Minister Gordana Dimitrieska-Kochoska reiterated the potential benefits for cross-border payments. She noted that cost savings could improve liquidity and enhance competitiveness for local businesses.
EU Membership Aspirations
Moldova, which secured candidate status on June 22, 2022, is committed to aligning itself with EU standards. Albania, North Macedonia, Montenegro, and Serbia are also actively working on their EU membership bids, a process that began in the early 2000s. Bosnia and Herzegovina recently garnered candidate status in 2022, while Kosovo remains a potential candidate.
Funding for Integration
In support of these efforts, the EU has allocated funding specifically for Albania, Montenegro, and North Macedonia. Under the Western Balkans 2024-2027 growth plan, a total of:
| Country | Funding Allocated (€) |
|---|---|
| Albania | 99.3 million |
| Montenegro | 18.3 million |
| North Macedonia | 25 million |
This funding acknowledges the significant reforms made by these countries to align with EU criteria and standards.
Conclusion
The entry of Albania, Montenegro, North Macedonia, and Moldova into SEPA marks a critical advancement in their integration with European financial systems. As these nations continue to work toward EU membership, such partnerships will likely play a vital role in their economic development and connectivity with Europe.
