The European Commission welcomes the strengthening of the stability of the financial sector and prudent macroeconomic policy in Moldova.
As noted in the National Bank of Moldova, in its opinion on Moldova's application for EU membership, the European Commission noted the progress of Moldova in a number of areas, including a significant strengthening of the stability of the financial sector and the strengthening of macroeconomic policies, which created a solid foundation for further harmonization with EU legislation. The conclusion of the European Commission was published on June 17 and it recommends the European Council to give Moldova the prospect of becoming a member of the European Union, as well as to grant the status of an EU candidate. The document of the European Commission says that before the global inflationary pressure caused by the war in Ukraine, the National Bank of Moldova was generally able to keep inflation within the target range and maintain the stability of the national currency. At the same time, against the backdrop of a sharp rise in energy and food prices, inflation remains one of the main challenges for Moldova's macroeconomic stability in the future. It is emphasized that at present, thanks to the reforms of recent years, the banking sector of Moldova looks well capitalized - all banks meet the capital adequacy ratio, there is a significant decrease in the share of bad loans. The conclusion of the European Commission also notes that successful reforms in the banking sector have also improved access to finance, especially for small and medium-sized enterprises. Herewith, these conclusions are accompanied by a number of recommendations for granting Moldova candidate status for EU membership. These include the implementation of a comprehensive system for the prevention of money laundering in accordance with the standards of the Financial Action Task Force on Money Laundering (FATF). Applications of Moldova, Ukraine and Georgia for EU membership in the context of the conclusions of the European Commission will be discussed at the European Council on June 23-24.// 21.06.2022 — InfoMarket
