Moldova's accession to Single Euro Payments Area represents exercise of national importance

Chisinau, 17 November /MOLDPRES/ - Prime Minister Natalia Gavrilita today participated in an international conference titled, Moldova’s Accession to Single Europe Payments Area (SEPA) – Achievements and Perspectives, the government’s communication and protocol department has reported.   

The event, organized by the National Bank of Moldova (BNM), brought together representatives of the community of providers of payment services from Moldova and high-ranking officials, among whom BNM Governor Octavian Armasu, EU Ambassador to Moldova Jānis Mažeiks, Director General of the European Payments Council Etienne Goosse.  The participants analyzed the benefits and challenges of Moldova’s accession to SEPA, the progress made by the authorities in this respect and the steps needed to prepare the file for joining.      

In her speech, the PM said that the accession to the SEPA zone remained a priority, given that Moldova’s economy is closely interconnected with the one of the European area. Presently, over 60 per cent of the trade of goods and 80 per cent of the services is carried out with SEPA member states and almost 75 per cent of the stocks of foreign direct investments in the national economy come from these countries as well.  

„With our integration in the SEPA zone, both the citizens living in the member states and our companies will be able to rely on lower expenses and a higher competitiveness. We will switch to cheaper bank transfers, which, in fact, are without commissions. This is not an easy process; there are certain technical, normative and financial obstacles; yet, I assure you, on behalf of the cabinet, that we will do our utmost to facilitate and speed up our country’s accession to the Single Europe Payments Area,’’ Natalia Gavrilita said.    

In the context, the prime minister voiced hope that Moldova’s accession to SEPA would accelerate also the achievement of the desideratum of integration into EU. ‘’The integration into the European Union means well-being, fair justice, clear-cut rules, transparent institutions and a country in which each citizen can lead a fulfilled life. We will work together to bring Europe home, including through the accession, in the nearest time, to the SEPA zone,’’ the official said.   

BNM Governor Octavian Armasu noted that Moldova’s accession to SEPA represented an exercise of national importance. ‘’This is an important step, in the context of the status of country candidate got by Moldova and a new phase in the development of the infrastructure of payments through the opening of the borders to a market of payments with no obstacles, much more convenient for the citizens,’’ the BNM governor said.   

For his part, Jānis Mažeiks said that EU would further support Moldova as state candidate for accession, including through financing the twinning project, Strengthening the supervision, corporate governance and risk management in the financial sector. The implementation of this project, worth 1.7 million euros, will help Moldova modernize the regulatory framework and the bank supervision, develop a stable banking system, for the benefit of the citizens and the business and which ensures a sustainable economic growth.    

„SEPA is a very good example of what EU means – implementation of high standards and generation of palpable benefits for people. After the accession to SEPA, non-cash payments will be possible with any EU member state and a string of non-EU states safety, quickly, just as these would be international payments. At the same time, economic agents will have facilitated access to the European market,’’ the EU Ambassador to Moldova added.   

Photo: Government