Moldova Won’t Seek EU Transition Period for Monetary Policy Rules

EU finance officials are ready – without a moratorium or the monetisation of public debt

Moldova’s negotiating position on the section concerning economic and monetary policy does not envisage a transitional phase on the path to the European Union. Public consultations on this chapter took place today at the Ministry of Finance, with the participation of the National Bank of Moldova (NBM) and other stakeholders. By the end of 2027, the country will be fully prepared, from a legal perspective, for the integration of the financial systems, as promised by the ministry.

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Ministry representatives emphasised that Chisinau does not plan to request temporary derogations or extensions from Brussels regarding Chapter 17, as it expects to have fully harmonised its monetary legislation by the time of integration.

At the same time, the Ministry of Finance noted that the current reforms are aligned with the recommendations of the International Monetary Fund (IMF). Adherence to strict fiscal discipline and strengthening the stability of budget revenues remain key conditions for sustaining sustainable economic growth on the path to EU membership.

The authorities have reaffirmed their commitment to unconditionally safeguarding the independence of the central bank. This includes both protection against political interference in interest rate decisions and the strengthening of the regulator’s institutional autonomy.

One of the strict requirements of European legislation (the acquis communautaire), which Chisinau fully accepts, is a categorical ban on direct financing of state institutions by the NBM. The monetisation of public debt and the purchase of government bonds on the primary market are prohibited.

The Ministry of Finance and the NBM are actively working to align macroeconomic and financial statistics with the European System of National and Regional Accounts. The implementation of these standards will enhance the transparency of public finances for European partners.

Following accession, it is planned that Moldova will participate in the Economic and Monetary Union as a Member State with a derogation and will adopt the euro as its official currency once it has met the convergence criteria.

This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.

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