Reforms and Regional Cooperation Crucial for Western Balkans’ Economic Strengthening
29/02/2024
“The Western Balkans countries are progressing well in aligning their national payment systems with EU standards as part of their SEPA accession objectives,” concluded the high-level regional meeting “Western Balkans Towards SEPA” held yesterday in Tirana.
The CBCG Governor Ms. Irena Radović, participated in the meeting that gathered the central bank governors and the finance ministers of Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia and Serbia, held within the summit of the leaders of the region’s countries on the Growth and Convergence for the Western Balkans.
The meeting participants presented the activities that individual countries undertook to join the Single Euro Payments Area (SEPA), and the World Bank representatives presented the results of the Western Balkans Payment Modernization project. This EU-financed project supports the Western Balkan countries in their harmonisation with EU standards and fulfilling the requirements for integration into SEPA.
Governor Radović noted that the CBCG had fully harmonised its regulations in the payment system with the EU acquis. “An external analysis of the Montenegrin legislation’s compliance with SEPA requirements, supported by the European Commission, confirmed high compliance of the domestic regulatory framework, thus recognising our previous results”, highlighted Governor Radović. She added this as an additional motive for the CBCG and the Government of Montenegro to continue with activities to fulfil other requirements for joining SEPA. The Governor also informed of intensive activities to prepare Montenegro’s application accession to SEPA, which will be sent to the European Payments Council in the coming period.
The meeting in Tirana concluded that the Western Balkan countries joining the SEPA will contribute to the region’s economic integration and bring tangible benefits to citizens and the economy through process simplification, speed improvement, and transaction cost reduction.