On May 22, 2023, Serbia officially became part of the Single Euro Payments Area (SEPA), marking a significant step towards deeper financial integration with the European Union. According to the National Bank of Serbia (NBS), SEPA membership enables citizens and businesses to make simpler and cheaper cross-border euro payments with costs equal to domestic payments. SEPA brings faster transfers, standardized procedures, and encourages competition in the domestic market, including the entry of foreign fintech companies. This is expected to improve payment flows, reduce costs, and increase access to the European market, serving as an important signal of trust for investors and a boost for further development of Serbia’s financial sector.
Political Perspectives:
Left: Left-leaning sources emphasize the benefits of SEPA membership for consumers and small businesses, highlighting the reduction in transaction costs and the promotion of financial inclusion. They focus on how SEPA can democratize access to financial services and support local fintech innovation, while also stressing the importance of regulatory oversight to protect users.
Center: Center-leaning sources present SEPA accession as a pragmatic and positive step towards European integration, focusing on the economic and financial advantages such as faster payments, increased competition, and alignment with EU standards. They highlight the expected improvements in efficiency and the signaling effect for foreign investment without significant criticism.
Right: Right-leaning sources tend to emphasize the strategic and economic sovereignty aspects, viewing SEPA membership as a way to enhance Serbia’s competitiveness and attract foreign investment. They highlight the potential for increased market liberalization, competition, and the entry of foreign fintech companies, while sometimes expressing caution about the impact on domestic banks and the need for maintaining national control over financial infrastructure.
