The signing of the Association Agreement between San Marino and the European Union paves the way for the gradual integration of San Marino’s financial services into the single market. Access, however, will be contingent on checks into the regulatory framework and the robustness of the supervisory system, with the involvement of European supervisory authorities.
This was clarified by the Central Bank of the Republic of San Marino, which indicates that the agreement signed today, 19 October, is expected to enter into force in early 2027. The agreement establishes closer relations with the EU and provides for the country’s participation in the single market, in compliance with European rules, under conditions of equal competition and full reciprocity.
For the financial sector, the signing thus marks the start of a process that will require further steps. “For the financial sector, access to the single market will be gradual and subject to the positive outcome of an assessment of the robustness of San Marino’s regulatory and supervisory frameworks, with the involvement of the European supervisory authorities,” the statement reads.
Central Bank president Catia Tomasetti highlighted the economic prospects of the agreement: “The signing of the Association Agreement opens a new perspective for San Marino, one that goes beyond strengthening institutional relations with the European Union and looks toward the gradual opening of our financial system to an increasingly international dimension, creating growth opportunities for the country’s economy.”
The Central Bank links this development to the process begun in 2012 with the signing of the Monetary Convention. Director general Andrea Vivoli focused on the measures taken in the sector: “The agreement that has been signed is the result of a process rooted in the recovery of San Marino’s financial system, achieved through far-reaching interventions on asset quality, capitalisation, governance and profitability.”
For Vivoli, opening up to the European market requires solid foundations: “This is an opportunity we must approach with the awareness that integration depends first and foremost on the soundness of the regulatory framework, the effectiveness of supervision, and the credibility of the system.”
