Moldova has made progress in consolidating its macro-prudential framework to overcome systemic risks in the financial sector.
The National Bank of Moldova mentioned this during the 4th meeting of the Steering Committee of the EU-financed twinning-project "Strengthening supervision, corporate governance and risk management in the financial sector of Moldova", where the achieved results and set goals were discussed. In particular, the activity report for June-August 2022 and the work plan for the next phase (September 16, 2022 - March 17, 2023) were reviewed and discussed. The Project Manager from the Implementation Consortium, Maria Elena Georgescu, highly appreciated the progress of both beneficiary institutions - the National Bank of Moldova (NBM) and the National Financial Market Commission (CNPF), as well as the active participation of their staff in the Twinning project. As the project manager from the beneficiary state, the NBM Vice President Tatiana Ivanicichina and CNPF President Cornelia Cozlovschi confirmed the commitment of the NBM and CNPF to implement the necessary reforms to bring the regulatory and financial supervision systems in line with European Union standards and to achieve a long-term sustainable economic growth. The event was attended by representatives of the beneficiary institutions of the Twinning project - NBM and CNPF, Implementation Consortium (National Bank of Romania, Central Bank of the Netherlands and Central Bank of Lithuania), in cooperation with the Romanian Financial Supervision Authority and Romanian National Authority for Consumer Protection, EU Delegation to Moldova, along with a high-level EU advisor in the financial services sector. The twinning project "Strengthening supervision, corporate governance and risk management in the financial sector of Moldova" was launched at the beginning of this year and will last for 2 years. Twinning is an EU institutional cooperation tool between the authorities of EU member states and the authorities of beneficiary countries. Partnership projects aim at developing the institutional capacity of the beneficiary authorities. Under these projects, experts from the EU public sector are deployed to help the beneficiary authorities achieve specific objectives. More information about the Twinning support tool is available on the European Commission's website. // 06.09.2022 – InfoMarket
