😱 EU proposes 🇹🇷 Turkey’s accession to SEPA, which already includes 41 countries

😱 EU proposes 🇹🇷 Turkey’s accession to SEPA, which already includes 41 countries

Membership in the Single Euro Payments Area (SEPA) would enable businesses and consumers in Turkey — as well as the Turkish diaspora across Europe — to execute cross-border transfers significantly faster and at costs comparable to domestic payments.

🔹 Note: currently, a transfer in the range of €1,000 to €5,000 (for example, via Western Union) can cost around €40. It is also worth noting that Europe is Turkey’s largest trading partner, with bilateral trade exceeding €200 billion.

🔹 Constraints: however, Turkey’s response to this proposal remains unclear. The matter falls under the responsibility of the Ministry of Finance, which has not yet provided comments. One potential issue is that, if accepted, Turkish banks would lose revenue from cross-border transfer fees.

🔹 Context: this initiative comes amid recent geopolitical developments and the the effective stagnation of Turkey’s EU accession negotiations. In parallel, within the context of the Middle East conflict, the Turkish government is attempting to maintain a position of neutrality, adding complexity to the situation. At the same time, the modernization of the EU–Turkey customs union remains on the agenda, with both sides continuing to explore alternative pathways for integration.

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