The decision by the European Payments Council (EPC) to allow financial institutions in North Macedonia to become part of the SEPA system marks a significant step forward in the country’s path towards the European Union. This decision effectively integrates North Macedonia into the European payment system, making it part of a single market that enables easier, faster, and cheaper transactions among countries using the euro.
Experts agree that for North Macedonia, striving for full EU membership, joining the SEPA payment zone is an important sign of its progress - not only in meeting European standards but also in reinforcing economic and financial ties with EU countries.
Importance for North Macedonia’s economy and connection to the EU market
Access to SEPA represents a concrete step in modernising North Macedonia’s financial system. This membership enables faster and more secure transactions, reducing the costs of international transfers and facilitating everyday business operations. For example, businesses in North Macedonia can now send and receive euro payments more easily, which is the standard currency in the European Union. This step reduces administrative barriers that previously existed in international payment systems, making trade and business with EU member states more efficient.
One of the key reasons this move is crucial is that North Macedonia, as an EU candidate country, is increasingly becoming part of broader European economic and financial systems. SEPA integration strengthens ties with the European market, enhances the competitiveness of Macedonian businesses, facilitates investment, and boosts trade with European partners. By taking this step, North Macedonia demonstrates its readiness for the greater challenges that come with full EU membership.
Impact on investment attraction and economic growth
North Macedonia’s accession to SEPA has far-reaching positive effects on attracting foreign investment. Foreign investors prefer markets that are integrated into global economic flows and have a stable, efficient financial system. By joining SEPA, the country ensures smoother capital flows, reduces currency risks, and creates a safer environment for international transactions. This will improve business conditions and increase investment in countries that are part of the SEPA system.
Additionally, SEPA access not only enhances economic conditions for entrepreneurs but also directly improves the everyday lives of citizens. Faster and cheaper payments, along with easier money transfers between EU member states, mean that Macedonian citizens will be able to carry out financial transactions seamlessly with friends, relatives, and partners in other European countries.
SEPA membership as a strategic step for North Macedonia’s economic integration
The Governor of the National Bank of North Macedonia, Anita Angelovska-Bežoska, shares this view, stating that SEPA membership is particularly important for the local economy, which is characterised by a high degree of trade openness (one of the highest in Central and Eastern Europe) and a large volume of cross-border payments.
"This is why the potential for cost savings, improved liquidity, and increased competitiveness of companies is significant. Certainly, this can play an important role in further trade integration, accelerating economic growth, and reducing income disparities with the EU," the governor said.
Future prospects and strategic importance for integration
Joining SEPA is more than just an administrative step - it is a sign that North Macedonia is taking the EU integration process seriously. This move is part of a broader strategy that the European Union is implementing to accelerate the social and economic integration of the Western Balkans, particularly through the Growth Plan for the Western Balkans. This plan involves gradual access to the EU market, and SEPA is one of its key components.
This decision gives North Macedonia an opportunity to reach EU standards more quickly, laying the foundations for further economic development and faster progress towards full EU membership. Thus, SEPA is not merely a technical adjustment in the financial system but also a strategic move to strengthen the country’s economy and fully integrate it into the European community.
In the future, North Macedonia’s inclusion in SEPA could have long-term positive effects on the labour market, education, research, and innovation, as a stable economic system often leads to new employment opportunities and an improved standard of living.
(EUpravo zato)