Expansion of SEPA to Four New Countries
Albania, Montenegro, North Macedonia, and Moldova have officially joined Europe’s financial transaction ecosystem known as SEPA. This development comes after 40 banks across the four countries were accepted into the scheme, according to the European Commission. The integration into SEPA, which stands for the Single Euro Payments Area, is expected to provide individuals and businesses with faster and more cost-effective financial transactions, potentially saving up to €500 million.
The European Payments Council made this decision following the inclusion of these four countries into SEPA’s geographical scope between November 2024 and March of this year, as stated by the Commission. This move marks a significant step in financial integration between these nations and the EU.
Positive Reactions from Leaders
European Commission President Ursula von der Leyen praised Albania’s membership in SEPA during her speech at the EU-Western Balkans Investment Forum in Tirana on Monday. She highlighted how companies in Albania can now send money to the EU and receive it at very low costs. Von der Leyen pointed out that a transfer from Brussels to Tirana, which previously took 3-4 days and cost €80, was completed in minutes and at no cost after joining SEPA.
European Commissioner for Enlargement Marta Kos emphasized that the four countries’ accession to SEPA represents “tangible results” of ongoing efforts to integrate candidate countries. She noted that the work does not stop here, and the EU will continue striving for the full operationalisation of SEPA schemes for these countries, bringing their citizens and businesses closer to the EU.
A Historic Milestone
In Moldova, President Maia Sandu and National Bank Governor Anca Dragu both welcomed the decision in Brussels. Dragu described it as a “historic milestone” for European integration. Sandu praised the government and the national bank for their efforts in achieving this favorable outcome.
Montenegro’s Prime Minister Milojko Spajić hailed his country’s adherence to SEPA, along with the inclusion of 14 new flights connecting Montenegro to European cities and free roaming, as a definite step forward towards EU membership. He emphasized that 2026 brings new concrete benefits from the EU even before full membership, helping to bring people closer and integrate the market into the European one.
Although Montenegro is not an EU member or part of the eurozone, it has unilaterally adopted the euro as its de facto currency, similar to Kosovo. For Montenegro’s Central Bank Governor Irena Radović, the country’s SEPA accession represents more than just cheaper transfers—it signifies belonging to the very fabric of the EU economy. She explained that for Montenegrin exporters, payments from EU clients that once took days and carried heavy fees now settle within hours at minimal cost.
Benefits for the Macedonian Economy
For North Macedonia, the Finance Minister Gordana Dimitrieska-Kochoska noted that the potential for cost savings, improved liquidity, and increased competitiveness of companies is large. She highlighted that the Macedonian economy, characterized by a high degree of trade openness and a large volume of cross-border payments, stands to benefit significantly from SEPA integration.
EU Support and Funding
The EU has also released funding for Albania, Montenegro, and North Macedonia as part of the bloc’s financing package for the Western Balkans. This decision recognizes the “significant reforms” these countries have made to align with EU standards. Under the EU’s Western Balkans 2024-2027 growth plan, a total of €99.3 million has been allocated to Albania, €18.3 million to Montenegro, and €25 million to North Macedonia.
SEPA Membership Overview
The countries that make up SEPA include all 27 EU member states, as well as the UK, Iceland, Norway, Switzerland, Liechtenstein, and several other non-EU countries such as Andorra, Monaco, San Marino, and Vatican City. This expansion underscores the growing economic ties between the EU and the Western Balkans, fostering greater integration and cooperation.
