W dniu 24.07.2024 gościem Obserwatora Finansowego TV był Serhij Nikołajczuk, Wiceprezes NBU.

Maksymilian Wysocki

Could we discuss the practical implications of opening the EU negotiations for Ukraine? And what does this simply imply for the NBU and for the way it discharges its responsibilities?

Serhij Nikołajczuk, Wiceprezes NBU

Yeah, as you may imagine, the EU has been an important institutional economic political benchmark for Ukraine from the outset of the transition process. This importance got additional impulse since the Russian full-scale invasion in February 2022. The EU pre-excess process itself provides us with key tools that support and reinforce the reform process in our country, aspiring to full membership, thereby strengthening the institutional capacity of the central bank and economic foundations. So fast institutional and economic convergence, including fast convergence to the EU, to European Central Bank values will also mean faster integration into European family. And the announcement on June 25th of opening of accessing negotiations for Ukraine was without exaggeration, a landmark event. This is well deserved result of the European integration efforts we made in previous years and a confirmation that we are indeed welcomed to join the European family.

Maksymilian Wysocki

As for the current challenges when it comes to the negotiations, what are those challenges and how will you tackle them? What is your approach? What is your potential response to them?

Serhij Nikołajczuk, Wiceprezes NBU

Well, major objectives for strengthening the long term capacities of the NBU coincide with the approximation of its legal, regulatory, and operational framework to that of the European system of the Central Bank. And speaking of challenges, other other than war, which I already mentioned, I would like to note also the rapid development of the financial regulation in EU, especially due to financial crisis and innovations. To us, that is much more complicated a dedicated task nowadays compared with our predecessors during the previous waves of accession. For us, that is the goal that's constantly moving forward, and we have to catch up with this goal. We realized that the EU, that a candidate country must transpose into the laws by the time of the accession will undergo the substantial changes and updates. But definitely, we understand that that is our task, and we declared our aspiration to join the EU and readiness to carry out the required reforms.

Maksymilian Wysocki

It comes out that a lot of participants in this process and you're not alone. How does it look like? How do you feel? How do you feel the support of the other central banks in Europe? Do you feel the good vibrations for accessing and helping you out to access the EU?

Serhij Nikołajczuk, Wiceprezes NBU

Indeed. First of all, I have to thank, once again, the Naradowy Bank Polski, your colleagues for the support we received during this process. Also, we have very good working relations with other central bank in the region, also with the ECB and European Commission, and definitely this support in delivering the technical assistance, and in general, helping us in the process of European Integration inspires us a lot and helps us a lot to prepare.

Maksymilian Wysocki

I the Ukrainian society ready to incorporate the European values nowadays, the actual nowadays European European values?

Serhij Nikołajczuk, Wiceprezes NBU

Well, I suppose that actually the level of the EU membership is one of the highest in Ukraine if we compare ourselves with the other countries at the moment of the EU accession. There is no doubt that there is a huge support in Ukraine for European values values and European standards. We confirmed that not only taking part in different surveys, but also during in very challenging circumstances, including at the battlefield. Here, I have no doubt that there is a huge support for the EU accession, by Ukrainians. At the same time, we understand probably at the level of the central bank experts and also the government representatives that there is a huge work has to be done in order to align our regulations with the European standards.

Całość rozmowy dostępna na kanale Ukraińska droga do UE – jakie wyzwania czekają Narodowy Bank Ukrainy? (youtube.com)