The Magyar Nemzeti Bank Supports the Professional Development of the Western Balkan Central Banks

On November 18, 2024, Barnabás Virág, Deputy Governor of the Magyar Nemzeti Bank, hosted a high-level meeting of deputy governors of the Western Balkans central banks in Budapest to help their accession to the Single Euro Payments Area and to support integration in accordance with the priorities of the Hungarian Presidency of the EU.

Barnabás Virág highlighted that SEPA membership would bring significant benefits to the Western Balkans countries, as it facilitates cross-border transactions and supports the economic growth of the region. The MNB considers the support of the Western Balkans central banks a priority, therefore, in addition to its own technical assistance program, it is also involved in several EU initiatives in the Western Balkans.

At the initiative of the Magyar Nemzeti Bank, Deputy governors and experts from the central banks of Albania, Montenegro, North Macedonia, Serbia, Kosovo, and Bosnia and Herzegovina participated in the forum. The main goals of the meeting were to facilitate the accession of Western Balkans countries to the SEPA, to strengthen the MNB's professional cooperation with the central banks of the region and to support the EU integration efforts of Western Balkans countries.

At the meeting, the management of the Western Balkans central banks shared updates on their current developments related to SEPA integration and the challenges of the accession process. The Magyar Nemzeti Bank, in addition to sharing its own experiences, offered further practical support in the development of financial infrastructure, regulatory frameworks, and digital payment systems.

"SEPA accession would bring significant benefits to Western Balkans countries by facilitating cross-border transactions and supporting the region’s economic growth," said Barnabás Virág, Deputy Governor of the MNB and host of the meeting.

The MNB is actively involved in several EU-funded programs aimed at supporting the central banks of the Western Balkans. Additionally, it also seeks to contribute to the faster EU integration of the region through its own Technical Cooperation Program launched in 2023.