The BNM welcomes the decision of the European Council

The National Bank of Moldova (BNM) welcomes the adoption of the decision of the European Council by which the Republic of Moldova obtains the status of candidate country to become a member of the European Union.

The BNM is determined and will continue to make every effort to contribute effectively to the achievement of the national priority of European integration of the Republic of Moldova.

“There has been a huge leap in the European course of our country. I am glad for this vote of confidence from the European Union offered to the Republic of Moldova. It is a vote that makes us understand that we need to work even harder, to drive the process of development and modernization, to bring home innovations. The BNM has managed in recent years to strengthen its capacity and bring the banking sector closer to EU standards. We will continue to strengthen the stability and functioning of the banking sector, to strengthen its credibility “, remarks Octavian ArmaČ™u, BNM governor.

Thus, in the next period, the BNM will focus its efforts on maintaining macroeconomic stability and strengthening the financial sector, including by further harmonizing financial legislation with EU rules. In this European journey, the BNM benefits from the constant and valuable support of its EU partners.

One of the main economic conditions that a candidate country must meet is the existence of a functioning market economy as well as the ability to cope with competitive pressure from the EU market. Another condition is the existence of the capacity to assume the obligations of an EU Member State, including adherence to the objectives of political, economic and monetary union. It is also necessary for the candidate country to adopt the EU acquis and ensure its effective implementation through appropriate administrative and judicial structures.

In this context, the BNM actively participates in the development and maintenance of a strong, stable and competitive financial-banking sector, meant to contribute to the development of a functioning market economy – an essential factor on the way to European integration.

During this several years of the Republic of Moldova, the NBM has been a constant participant in the internal legislative, institutional and functional changes intended to contribute to the achievement of the economic criterion of EU accession, thus ensuring a closer proximity of the Republic of Moldova to the EU. The NBM has consistently promoted and continues to promote alignment with EU best practices.

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On 23 June 2022, the European Council recognized the European perspective of the Republic of Moldova, as well as that of Georgia and Ukraine, emphasizing that the future of these countries and their citizens is in the EU. At the same time, the European Council decided to grant the Republic of Moldova and Ukraine the status of candidate country for EU membership. In this context, the European Council noted that each country’s progress towards the EU will depend on its own merits in terms of meeting the Copenhagen criteria, taking into account the EU’s ability to absorb new members.

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