The implementation of the Twinning project “Strengthening the institutional and regulatory capacity of the NBU for the purpose of implementing the Association Agreement between Ukraine and the EU” (hereinafter – the project) has been completed at the National Bank of Ukraine.
At the final event held in Krakow, the parties summed up and discussed achievements in the directions of the five components of the project.
First, the approach to banking regulation and supervision has been updated. This is another step towards the implementation of EU principles and approaches into domestic banking legislation.
Secondly, thanks to cooperation with European experts, drafts of the concept of the introduction of instant payments and the functional specification of instant payments in Ukraine were developed.
Thirdly, the National Bank improved its capacity in strategic planning, process management and performance management.
Fourthly, the activity of the central bank in the field of European integration, bilateral and multilateral cooperation with international organizations, central banks and EU institutions has been strengthened.
And finally, a detailed analysis of the legal and technical conditions necessary for Ukraine to join the Single Euro Payments Area (SEPA) was carried out. In the context of further European integration, this direction is very important, because it will contribute to the deepening of economic integration between Ukraine and the EU.
We remind you that the project started on October 1, 2020. It was implemented by a consortium of the National Bank of Poland and the Bank of Lithuania with the support of the European Union. More than 60 experts from EU member states were involved in the implementation of the project, namely: the National Bank of Poland, the Bank of Lithuania, the European Central Bank, the central banks of Belgium, Croatia, Greece, Hungary, the Netherlands, Portugal and Sweden, the National Clearing Houses of Poland and Hungary and more than 100 experts from the National Bank of Ukraine.
During the entire project implementation, 85 expert missions, three expert forums, two seminars, and three visits of National Bank specialists to colleagues from the central banks of Poland, Lithuania, and Hungary were implemented.
The final event of the project was attended by First Deputy Head of the National Bank of Ukraine Kateryna Rozhkova, First Deputy Head of the National Bank of Poland Marta Kightli, Member of the Board of the Bank of Lithuania Simonas Krepšta, representatives of the EU Representation in Ukraine Chloe Alio and Vitalia Mudruk, managers of the Twinning project, component leaders, representatives invited authorities of Ukraine, representatives of the central banks of Ukraine and EU member states, other invited guests.
“The implementation of the Twinning project fell on extremely difficult times for Ukraine. First the COVID-19 pandemic, and then a full-scale war. Despite this, we successfully implemented the project and became one step closer to Ukraine’s dream membership in the European Union. I am grateful to all my colleagues for the exchange of experience, and to the European Commission for the huge contribution to the European integration processes at the National Bank,” Kateryna Rozhkova emphasized.