"Delays in SEPA slow down financial integration" - Kosovo, 29 million euros in losses in the first six months of the year
The European Investors Council (EIC) has called for the swift completion of Kosovo's membership process in the Single Euro Payments Area (SEPA), describing this as a crucial step towards the modernization of the financial system and fuller integration with the European market.
In the published statement, the Council welcomed the commitment of local institutions and the Central Bank of Kosovo (CBK), as well as the cooperation with the European Commission, emphasizing that SEPA membership will bring direct benefits to citizens and businesses. The benefits include cheaper, safer and faster payments, as well as easier access to international markets.
"According to recent estimates, delays in this process have cost Kosovo's economy around 29 million euros during the first half of the year alone, while the potential annual benefits from SEPA membership amount to 55 million euros," the announcement states.
The European Investors Council appreciates the technical and regulatory work carried out by the CBK, in cooperation with the World Bank and the European Commission, emphasizing that the process has advanced significantly and is close to completion.
The institution appeals for the review of the relevant laws by the Constitutional Court to enable the continuation of reforms "in a timely manner and in accordance with the public interest."
At the end of the communiqué, it is underlined that Kosovo has a real opportunity not to lag behind the countries of the region and to fully benefit from the unique European payments network.
"SEPA membership will modernize the financial infrastructure, reduce costs for businesses and citizens, and make the economy more attractive for new investments," the response states, among other things.
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