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European Integration

The activities of the National Bank of Ukraine in the sphere of the European integration are focused foremost on the implementation of the EU-Ukraine Association Agreement. The implementing of the Agreement’s provisions enhances the financial services market efficiency, and ensures the approximation of the national regulatory and supervisory framework to EU rules and international standards. It also creates the prerequisites for strengthening the competitiveness of Ukrainian financial institutions and their equitable cooperation with the European institutions, as well as promotes raising the level of financial services and consumer rights protection.

To attain this goal, the NBU continuously takes steps aimed at:

  • fulfilling the Association Agreement between the EU and Ukraine, implementing the EU acquis law into national legislation
  • introducing international standards in the sphere of financial services
  • fulfilling the decisions of the bilateral EU-Ukraine bodies and other international legal obligations and arrangements in the area of European integration
  • boosting confidence in the NBU as a central bank that complies with the European standards and is integrated into the European community of central banks.

The NBU’s introduction of European standards and practices promotes effective mechanisms of financial institution regulation, the improvement of supervisory approaches and the financial sector’s transparency. All of this guarantees the functioning of a stable Ukrainian financial market.




Implementation of EU–Ukraine Association Agreement

The NBU implements the EU-Ukraine Association Agreement as a financial services regulator. We approximate Ukrainian legislation to EU law, introduce international standards, develop cooperation with the regulatory and supervisory authorities of EU member-states, and with other European institutions, in the following areas:

  • banking regulation and supervision
  • payment systems operation and development
  • capital flow and payments liberalization
  • regulation and supervision of the nonbank financial services market
  • protection of consumer rights in financial services
  • anti-money laundering and combating financing of terrorism
  • accounting
  • cyber- and information security.

Participation in work of EU-Ukraine Association bilateral bodies

In order to provide information on its progress in the implementation of the EU-Ukraine Association Agreement, the NBU directly takes part in the work of the following EU-Ukraine Association bilateral bodies:

  • EU-Ukraine Association Committee
  • EU-Ukraine Association Committee in Trade Configuration
  • Cluster 1 (macroeconomic cooperation, state finance management: budgetary policy, internal control and external audit, statistics, accounting and audit, anti-fraud management) of the Subcommittee on Economic and Other Sector Cooperation of the EU-Ukraine Association Committee.

The NBU also engages in the work of other EU-Ukraine Association bodies if needed, on issues of central bank activities.


Interactions with EU institutions

To integrate the financial market of Ukraine into the European financial space, the NBU works on enhancing the level of cooperation with the supervisory bodies of EU member states. In particular, that applies to the sphere of regulation and supervision over banks and nonbank financial institutions, as well as strengthening the interaction with the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Central Bank (ECB.