This was stated by the National Bank, noting that its First Vice-President Petru Rotaru and other representatives of the NBM participated in the bilateral screening meeting on the review of Chapter 17 “Economic and Monetary Policy” held in Brussels, organized in the context of preparations for the EU accession negotiations.
The NBM team was part of the official Moldovan delegation headed by Deputy Prime Minister for European Integration Cristina Gerasimov. The meeting was also attended online by the members of the national working group responsible for this chapter.
The NBM said that this stage of bilateral screening with the EU provided the Moldovan side with an opportunity to present in detail the level of compliance with the EU standards and norms of the legal and institutional framework applicable to the process of economic and monetary policy formation.
The European Commission’s representatives assessed the existing measures in the economic and monetary policies, as well as the progress achieved in terms of strengthening the NBM’s independence, as well as the prohibition of monetary financing of the public sector by the central bank, prevention of privileged access of state institutions to financial institutions.
The bilateral screening also provided an opportunity for a technical dialog aimed at identifying potential differences with EU rules and defining directions for future reforms. This event was an important step on our country’s path towards European development, reflecting the authorities’ firm commitment to align economic and monetary policies with EU standards and practices.
NBM First Vice President Petru Rotaru said that the participation in the bilateral Chapter 17 screening “marks an important stage in Moldova’s rapprochement with the European family”. “We continue the integration process with responsibility and determination, implementing the necessary reforms in key areas, especially in the economic and monetary fields, in order to enhance the financial sector’s sustainability, institutional independence and the central bank’s governance mechanisms, thus ensuring a sustainable and beneficial accession for all citizens,” he said.
According to the National Bank, Chapter 17 “Economic and Monetary Policies” is part of the cluster No. 3 “Competitiveness and Inclusive Growth” and is one of 33 chapters covering key EU policy areas Moldova is negotiating at the accession stage.
EU economic and monetary policy norms include, among others, specific rules requiring independence of member states’ central banks, prohibiting direct financing of the public sector by central banks and prohibiting privileged public sector access to financial institutions.
