Completion of the Eurointegration Reform of the Ukrainian Bank

by Roman Cheplyk
Wednesday, March 29, 2023
Completion of the Eurointegration Reform of the Ukrainian Bank

The National Bank of Ukraine announced the completion of the 3-year international program of European standardisation, "Twinning"

On October 20, 2020, Ukraine launched the Twinning project aimed at the European standardisation of the Ukrainian banking system as one of the measures for Ukraine's further European integration. During these years, 85 expert missions took place in Ukraine, and more than 60 experts from central banks, financial institutions and clearing companies of the European Union countries were involved in the program: Poland, Lithuania, Belgium, Croatia, Greece, Hungary, the Netherlands, Portugal, Sweden, etc.

On March 24, the National Bank of Ukraine reported on the final meeting on the results of Twinning as a program of implementation of EU principles to the Ukrainian financial system. What was achieved:

  • Various conditions for the integration of Ukraine into SEPA have been analysed;
  • The Ukrainian tradition of implementing banking regulation has been reformed;
  • Implementation maps and specifications of instant payments have been created;
  • Standards and increased activity between Ukrainian and European banking institutions have been established.

These measures will contribute to the qualitative entry of Ukraine into the European Union.

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