Governor Ismaili participates in the XII Regional Forum and Governors’ Panel: SEPA as a bridge toward integration into the EU single market, with tangible benefits for citizens and businesses

The Governor of the Central Bank of the Republic of Kosovo (CBK), Mr. Ahmet Ismaili, participated in the Governors’ Panel titled “SEPA and the WB6: A Catalyst for EU Convergence and Access to the Single European Market”, upon the invitation of the Governor of the Central Bank of Montenegro, Ms. Irena Radović.

During this panel, Governor Ismaili presented the developments in Kosovo in relation to this process, highlighting the reforms undertaken by the CBK, including the finalization of three key laws and over 20 secondary regulations, supported by the World Bank, which lay the foundation for compliance with SEPA requirements. He emphasized that these actions are part of the CBK’s Strategic Plan and have been carried out in close cooperation with domestic institutions and with strong support from the World Bank and excellent regional cooperation.

The Governor also spoke about the pre-application process for SEPA membership submitted at the end of 2024, as well as the necessity for further advancement of technical infrastructure – including the harmonization of standards and functionalities of the national payment system with SEPA’s technical requirements. However, the constitutional review of the adopted laws has delayed the European Commission’s assessment, affecting progress in the pre-application phase, despite the CBK’s outstanding work, which was highly praised during the panel by representatives from the World Bank and the European Central Bank.

In his remarks, the Governor underlined that SEPA integration is not merely a technical matter, but a bridge toward integration into the EU Single Market, bringing direct benefits for citizens and businesses – through increased transparency, lower costs, and facilitation of trade and capital movement. According to assessments, SEPA membership is expected to yield over 55 million euros in annual benefits for Kosovo’s citizens and businesses through reduced transfer costs, increased efficiency, and improved conditions for exporters and the private sector.

He stressed that the next steps will require investment in technical infrastructure and close cooperation with the banking sector and other payment service providers, to ensure Kosovo is technically prepared at the moment of SEPA accession. The Governor also commended the support of the European Commission and the leadership role of the World Bank, IFC in providing technical assistance, as well as the Bank of Italy for the key project on fast payment systems – the “TIPS clone” – which constitutes an important component of the payment ecosystem.

Describing this process as an investment in the future and a test of the institutional capacity of the region’s countries for European integration, the Governor concluded that, following visa liberalization, SEPA membership will represent the most tangible experience of European integration for Kosovo’s citizens – delivering concrete benefits for individuals, businesses, and the broader economy.

This high-level panel included representatives of the European Central Bank, the World Bank, as well as governors and deputy governors from regional central banks. The discussion emphasized the strategic importance of integrating the Western Balkan countries into the Single Euro Payments Area (SEPA) and the impact of this process on financial stability and EU accession preparations.

The event took place within the framework of the XII Regional Forum of Ministers of Finance, Central Bank Governors, and Tax Administration Directors, under the theme “Financial and Monetary Stability in the Region Amid Weak Economic Growth in the Eurozone”, held in Bečići, Montenegro.