Western Balkan leaders agree to cut transaction costs, eye EU single market

Leaders of the six Western Balkan states on Thursday agreed to cut financial transactions costs across the region by the end of the year in a first step towards accession to the single EU market. Leaders of the six Western Balkan countries - Albania, Bosnia, Kosovo, Montenegro, North Macedonia and Serbia - met on Thursday in Tirana to discuss reforms needed to access the EU's 6 billion euro growth plan presented last October.

Leaders of the six Western Balkan states on Thursday agreed to cut financial transactions costs across the region by the end of the year in a first step towards accession to the single EU market.

Leaders of the six Western Balkan countries - Albania, Bosnia, Kosovo, Montenegro, North Macedonia and Serbia - met on Thursday in Tirana to discuss reforms needed to access the EU's 6 billion euro growth plan presented last October. The EU growth plan for the region would include the opening of its common market to the Western Balkan countries in areas such as free movement of goods and services, transport and energy.

In return, the countries need to implement reforms and resolve all outstanding issues with their neighbours. EU Commissioner for Enlargement Oliver Varhelyi said the leaders agreed to cut the cost of financial transactions among the six countries in 2024.

"It shouldn't be such a major difficulty as the banking system is largely run by European banks. So they should be able to apply the same rules as they are applying back home," he said. Varhelyi said the countries also agreed to aim to cut the cost of goods transport this year.

"The 6 billion euros should help the region to get to the level of financial support that you see now within the European Union. And we are not talking about abstract terms; we are talking about 2027," Varhelyi said. In order to create a Western Balkan single market, the countries need to overcome mutual hostilities from the 1990's.

"It doesn't matter what political problems we have with each other, it doesn't matter. The European Union is ready to support us," said Albania's Prime Minister Edi Rama who hosted the meeting. The six countries are at different stages of the EU accession process.

Serbia and Montenegro were the first in the region to launch EU membership talks. Albania and North Macedonia began talks with Brussels in 2022. Bosnia and Kosovo lag far behind their neighbours in the process.

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