Albania and Montenegro in SEPA, European Commission: A step towards EU integration
The European Commission has welcomed the decision of the European Payments Council for Albania and Montenegro to join the geographic space of the Single Euro Payments Area, SEPA. Brussels describes this decision as "a step forward on the path of European integration", making Tirana and Podgorica to be considered the first countries closest to the enlargement process. "This is a practical example of the impact of the Growth Plan, an EU initiative to speed up the socio-economic integration of the Western Balkans into the EU," said the announcement issued by Ursula von der Leyen's office.
"This step paves the way for facilitating financial transfers in euros through a project financed under the IPA instrument and implemented by the World Bank, which will continue to support the preparation of payment service providers in Montenegro and Albania", highlighted in the reaction.
The European Payments Council consists of 81 members, who are providers of payment services. It was created in 2002 by the European banking industry for electronic payments in euros. About 4,000 banks and other payment service providers participate in the European Payments Council. Since then, these schemes facilitate over 50 billion transactions in 36 countries every year.
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