Moldova: SEPA Bid Hinges on Commission Review
Moldova's central bank governor, Anca Dragu, expressed optimism about joining the Single Euro Payments Area (SEPA) during a visit to Brussels.
She cited the country's progress in aligning its laws with EU standards as a key factor.
"Moldova has made significant achievements in adopting and implementing relevant legislation harmonised with the EU acquis," Dragu stated. This legislation covers areas like payment services, banking, anti-money laundering, and data protection.
SEPA Membership Application Submitted:
Dragu's comments come after Moldova formally applied for SEPA membership on January 30, 2024. SEPA allows citizens and businesses across participating countries to make and receive euro payments seamlessly.
Potential Benefits:
Membership would potentially offer Moldova several benefits, including:
- Smoother cross-border payments: Faster and cheaper transactions within the SEPA zone.
- Reduced costs: Lower fees for businesses and individuals making euro payments.
- Enhanced trade and investment: Increased economic opportunities with SEPA countries.
- Financial integration with the EU: Closer financial ties with the European Union.
Next Steps:
The European Commission will now evaluate Moldova's application and make a recommendation to the relevant EU bodies on whether to grant membership.
Uncertain Timeline:
While Moldova has met certain legislative requirements, the timeline for potential SEPA entry remains unclear. Further reforms and adherence to SEPA standards might be necessary before a final decision.
Translation by Iurie Tataru
