Slaveski: Reforms could speed up European integration
The National Bank governor said institutional reforms, SEPA membership and TIPS preparations can boost growth and lower payment costs.
Structural reforms in the labour market, human capital, the business environment and public governance could raise North Macedonia’s GDP by about 14 percent if half the gap with leading Central, Eastern and Southeast European economies is closed, Trajko Slaveski said at an international conference in Chisinau.
Slower convergence, institutional bottlenecks
Slaveski, governor of the National Bank, warned that real economic convergence in the Western Balkans remains slow and underlined that institutional reforms, the rule of law and more efficient public bodies are essential for improving the investment climate and lifting growth.
He pointed to trade openness as a significant factor in the country's external integration, noting that "trade openness of the country in 2025 reached around 130 percent of GDP."
As an immediate example of how European integration lowers costs, Slaveski highlighted membership in SEPA, which has substantially reduced cross-border payment fees. He said the savings from lower bank commissions are expected to reach "around 5 million euros in the first year."
Looking ahead, Slaveski said preparations for the TIPS system should support faster and more efficient instant payments, complementing the benefits from SEPA membership and further reducing the costs of cross-border transactions.
Photo: press material from the event
