The National Bank of Ukraine continues to strengthen ties and partnership with the European Central Bank (hereinafter – the ECB). Last Friday, a two-day workshop was held by the two central banks to discuss monetary policy developments during the transition period, macroprudential analysis and banking supervision.
“The NBU takes decisive and consistent steps to achieve the integration in the Eurpean community of central banks. In view of the above, joint expert meetings held in cooperation with the ECB help contribute to a deeper understanding of monetary policy trends, banking regulation and macroprudential supervision, which is strategically important, enabling the regulator to make the right decisions. The NBU and the ECB are set to expand cooperation and build closer ties,” said Head of the NBU Office for European Integration and International Programs Mr Volodymyr Kuchyn.
At the joint workshop, its participants discussed the following issues:
- previous experience and challenges currently facing the monetary policy transmission;
- banking supervision with a focus on the financial sector reforms currently implemented in Ukraine;
- peculiarities of the prudential supervision and regulation in the euro area;
- European prudential supervision as part of the SREP [Supervisory Review and Evaluation] process; and
- review of the current trends in macroprudential policy.
Among the key speakers from the ECB at the workshop were Head of the ECB International Relations & Cooperation Division Mr Michael Sturm, Head of the Monetary Analysis Division Mr Björn Fisher, Senior Economist Mr Christian Felker, Head of the Methodology Department Mr Nicolas Gautier, as well as Advisor and team leader on macroprudential implementation of the Secretariat of the European Systemic Risk Board Mr Frank Dierick.
NBU representatives at the workshop included NBU Deputy Governor Mr Dmytro Sologub, Director of the Monetary Policy and Economic Analysis Department Mr Sergiy Nikolaichuk, Director of the Banking Supervison Departmemt Ms Nataliia Dekhtiariova, Direcor of the Financial Stability Department Mr Vitalii Vavrushchuk, and head of the NBU Office for European Integration and International Programs Mr Volodymyr Kuchyn.
As part of the efforts to expand cooperation between the National Bank of Ukraine and the European Central Bank, the first joint workshop was held in Kyiv on 14-15 July 2015. This workshop became a platform for determining priority and topical areas of further interaction between the National Bank and the European Central Bank.