NBU approves internal action plan for European integration

The National Bank of Ukraine has officially approved an internal action plan for European integration, which defines a roadmap for implementing EU norms and standards in the domestic financial sector. The document systematizes key tasks for Ukraine’s preparation for membership in the European Union and defines responsibility for the implementation of each direction.

According to the NBU press service, the plan covers various areas that affect the work of banks, insurance companies, and financial markets. The document’s purpose is to ensure compliance of Ukrainian rules with EU standards, increase financial and price stability, and strengthen the market economy.

NBU Chairman Andriy Pyshny emphasized: “This is an ambitious plan that defines internal logistics and the distribution of tasks. We must clearly control the status of its implementation and monitor risks in order to achieve the desired result. These are key issues for preparing for future work within the EU.”

Among the main areas of the plan are the development of regulation of banking and the insurance sector, as well as digital finance. Particular attention is paid to the regulation of virtual assets and ensuring the digital operational stability of financial institutions, which is critically important for the modern financial market.

Most of the measures are concentrated in cluster 2 “Domestic Market”. The NBU leads the interdepartmental work in the areas of “Financial Services” and “Free Movement of Capital”. The plan also provides for steps to strengthen the independence of the central bank, which is a prerequisite for integration into the European System of Central Banks.

For the successful implementation of the plan, the National Bank will work in close cooperation with the government and parliament. Such cooperation will allow for the prompt adoption of the necessary legislative changes that will bring Ukrainian financial rules in line with EU norms and standards. This, according to experts, is an important step for the further integration of Ukraine into the European economic space.