CBK Governor Ahmet Ismaili and Deputy Governor Dardan Fusha discussed today during a meeting with John Berrigan, Director General for Financial Stability, Financial Services and Capital Markets at DG FISMA on CBK's pre-application for membership in the Zone of the Single Euro Payments Authority (SEPA), which was submitted on October 14, 2024.

Discussions focused on reforms and significant progress by CBK in harmonizing legislation with European Union standards, including the preparation of the necessary legal changes that enabled the pre-application for SEPA membership.

During the meeting, DG FISMA confirmed the acceptance of CBK's pre-application, recognizing the great work done by CBK to reach this important moment. The pre-application has also been submitted to the European Payments Council (EPC).

The meeting highlighted the need for the final approval of two key laws - the Law on Banks and the Law on Payment Services that will allow DG FISMA to provide a full assessment, with relevant comments and recommendations during this initial phase.

DG FISMA reaffirmed its commitment to efficiently handle pre-application, pending the acceptance of the finally adopted legislation to provide further guidance on the next steps to be followed towards final SEPA membership.

CBK expressed its readiness to address with priority any suggestion from DG FISMA, while also expressing the belief that the Assembly in accordance with legal procedures will speed up the adoption of draft laws.

After the completion of this phase, the process will continue at the European Payments Council (EPC), where a final decision on Kosovo's SEPA membership can be expected next year as part of the wider Western Balkans integration initiative.

CBK expressed its gratitude for the cooperation and continuous support from the European Commission, in particular DG FISMA and DG NEAR, during this important process. CBK also expressed gratitude for the support from the World Bank and other partners in achieving the pre-application submission.

Integration into SEPA is expected to bring significant economic benefits, including an estimated annual saving of around 55 million euros from fees for international transfers.

This meeting followed the meeting of October 14, 2024, where Governor Ismaili held a meeting with Koopman from DG NEAR and another meeting with the General Director of the EPC together with other regional governors, as part of the regional integration process led and supported strongly from the EU. The recently launched Growth Plan is one of the main instruments aimed at achieving these objectives.