Moldova intends to join the European Union with a modern, sound financial system that complies with international and EU standards
Representatives of the National Bank of Moldova (NBM) stated this while speaking during the bilateral screening sessions held in Brussels, which are a stage of the EU accession negotiations, during which Moldova informs the European Commission about its level of preparation to fulfill the obligations arising from EU membership. During these meetings, organized for each area (section) of the negotiations, Moldova presents to the European Commission the current situation, measures taken, current activities and plans to achieve a full level of compliance of the national structure with EU standards and practices. The NBM team, headed by First Vice-Governor Vladimir Munteanu, member of the negotiating team on behalf of Moldova, participated in the session dedicated to the “Economic Criterion”, where it presented the situation with macroeconomic stability and functioning of the financial market in Moldova. The NBM team included Vice-Governor Constantin Schendra, who, at the session dedicated to the 32nd chapter “Financial Control”, presented the topic of euro anti-counterfeiting protection. Representatives of the NBM informed the European Commission on macroeconomic developments and medium-term perspectives, emphasizing the monetary policy measures taken to ensure price stability. At the same time, they presented the reforms implemented in the financial sector and the progress in the process of Moldova's integration into the European economic space. The discussions were also focused on the consolidation of the central bank's independence, the consolidation of the financial and banking system and Moldova's financial stability. NBM First Vice-Governor Vladimir Munteanu emphasized, among other things, the importance of the macroprudential policy strategy, which provides a clear framework for achieving financial stability objectives, in line with the recommendations of the European Systemic Risk Board. “Joining the European Union is a process of deep transformation for Moldova. Thanks to the measures we are implementing, we are preparing to become a reliable partner in the European family with a modern, sound financial system that complies with international and EU standards. This is a commitment that reflects our aspirations for sustainable development”, said Vladimir Munteanu, First Vice-Governor of the NBM. Another aspect discussed in Brussels was Moldova's accession to the International Sustainable Banking and Finance Network (SBFN) in November 2023, as well as the signing in May 2024 of a memorandum between the NBM, the National Financial Market Commission and the Moldovan Banks Association on the development of a sustainable financial structure. Also, during the dialog with the European Commission, Vladimir Munteanu presented the situation in financial intermediation, access to finance, capital market, financial education and financial inclusion. Constantin Schendra, in his presentation on the euro anti-counterfeiting protection, mentioned the level of compliance of the national legislation with the relevant EU legislation, the capacities of the Moldovan institutions in the field of combating counterfeiting, as well as the plans to strengthen these capacities. He said that the creation of a reliable national framework in the anti-counterfeiting field, in line with the best international and European standards, is a key element in ensuring an efficient financial control. // 21.10.2024 - InfoMarket
