The Role of the SEPA in European Digitalization and Financial Integration and Impact on the Sustainability of the Financial System

Abstract

This article analyzes the digital transformations in the financial sector, which have accelerated economic integration at European level and influenced the way international payments and transfers are made. In this context, the Single Euro Payments Area (SEPA) is a key initiative of the European Union, designed to simplify and harmonize electronic payments in euros. The paper highlights the role of SEPA in strengthening financial integration, analyzing the impact on operational efficiency, cost reduction, and the elimination of barriers between markets. The effects on transparency, financial inclusion, and sustainability of the financial system, as well as the impact on foreign trade, are also examined. In the case of the Republic of Moldova, SEPA accession has contributed to improving the conditions for conducting commercial transactions and increasing the competitiveness of economic agents, highlighting the role of this system in facilitating European economic integration. CZU: [336.717.13:004.78]:061.1EU; JEL: F36, G21, G28, O33, E42