The CBK Deputy Governor Dardan Fusha participated in the meeting with Deputy Governors from the region, organized by the Central Bank of Hungary, on the integration of the Western Balkans into SEPA

The Central Bank of Hungary (Magyar Nemzeti Bank – MNB) organized a meeting in Budapest with the Deputy Governors of the Western Balkan countries to discuss the necessary preparations for membership in the Single Euro Payments Area (SEPA).

During this meeting held on November 18th, 2024, the challenges faced by central banks in meeting SEPA requirements and building the necessary infrastructure were discussed, as well as the supportive role of the MNB in this integration process.

Representatives from the MNB shared their experiences, focusing on the technical aspects of SEPA integration and their framework as a model for compliance with SEPA requirements, including infrastructure and banking operations.

Hungary, which has held the Presidency of the European Union since July 1, 2024, has prioritized supporting the EU enlargement process, particularly concerning the integration of Western Balkan countries.

Consequently, the MNB expressed its commitment to supporting the central banks of the region in overcoming challenges related to central banking functions, with a focus on enabling payments through SEPA and advancing the integration process into this zone.

The integration process into SEPA presents significant challenges and is highly complex for central banks, commercial banks, and other payment service providers. However, this process represents a crucial step towards further integration with the EU and the region, as well as strengthening the overall EU integration process.

The topics addressed during this discussion were highly valued by all participants, describing it as an important opportunity to deepen regional cooperation and collaboration with EU countries in advancing financial infrastructure and providing more efficient financial services for the citizens and businesses of our region.