What gives EU candidacy for the economy: the NBU received additional obligations and tasks

According to the press service of the National Bank of Ukraine, obtaining the status of a candidate for EU membership by Ukraine opens up wider opportunities for the NBU to implement European integration processes in the financial sector.

We will continue to adhere to the European course in the process of further transformation and development of the financial system of Ukraine. And as the central bank of a candidate country for EU membership, we will have more opportunities for its implementation,” said the head of the National Bank of Ukraine, Kyrylo Shevchenko.

As a result of the EU summit, the National Bank, as the regulator of the financial services market of Ukraine, has additional obligations and tasks.

• fulfillment of obligations undertaken by Ukraine to obtain the single internal market of the EU, in particular, the approximation of Ukrainian legislation in the field of financial services to EU law and the continued liberalization of capital flows;
• expanding cooperation with European institutions, in particular the European Commission, the European Central Bank, the European Banking Supervisory Authority (EBA), the European Insurance and Pensions Authority (EIOPA), central banks and supervisory authorities of EU member states;
• facilitating a new exceptional €9 billion EU macro-financial assistance package in support of macroeconomic stability and other EU assistance;
• to ensure closer integration of the Ukrainian and European financial markets and open access for their participants to additional instruments for making international payments, taking measures, together with interested state bodies, to join Ukraine to the Single Euro Payments Area (SEPA);
• effective communication about the role of the National Bank in the European integration process in order to increase the level of support for Ukraine's membership in the EU and within the country;
• participation in the revision of the list of priority European integration bills;
• strengthening cross-sectoral interaction with the Government of Ukraine to determine measures aimed at restoring the Ukrainian economy after the end of the war, and further participation in their implementation;
• fulfillment of the EU conditions given in the opinion on the results of consideration of the application for EU membership.

The NBU promised to fulfill all these tasks.