On June 4 in Brussels, the next round of bilateral meetings between Ukraine and the European Commission continues within the screening process of aligning Ukrainian legislation with EU law. The meeting is dedicated to Negotiation Chapter 17 “Economic and Monetary Policy,” which belongs to Cluster 3 “Competitiveness and Inclusive Growth.”
The Ukrainian delegation is headed by the Chief Negotiator, Vice Prime Minister for European and Euro-Atlantic Integration – Minister of Justice of Ukraine, Olha Stefanishyna.
In her remarks, she noted the high level of readiness of the negotiation team.
“We understand that this is one of the most complex and important areas of our integration. It requires a comprehensive and nationwide approach and must be aligned with the realities of the war and post-war recovery and reconstruction. We are committed to ensuring that the developed policies provide resilience, stability, and prosperity for our country under conditions that, hopefully, will significantly improve soon,” emphasized the Vice Prime Minister.
According to her, Ukraine has repeatedly confirmed its commitment to ensuring macroeconomic stability through its efforts and stable monetary policy. Even before the start of the EU accession process, Ukraine made significant efforts to create the necessary institutional framework compatible with European institutions, capable of supporting economic stability and coordinating macro-financial assistance.
“Our level of legal harmonization and institutional compatibility with the EU is high. I confirm that Ukraine is aligned with the EU acquis. At present, we do not request any transitional periods or derogations. We do not request any elements of accelerated integration within Chapter 17,” the Chief Negotiator noted.
The Ministry of Economy of Ukraine was represented by First Deputy Minister Oleksii Sobolev and Deputy Minister – Trade Representative of Ukraine Taras Kachka. They presented procedures for coordinating economic policy and preventing threats to economic development stability, the state of Ukraine’s readiness for the macroeconomic imbalance procedure, and informed EU representatives about anti-corruption efforts in economic and monetary policy.
“The report we presented today is the result of extensive assessment of our challenges, involving Ukrainian and international experts. We presented to our European partners the legal and institutional framework, reforms already undertaken in the field of economic and financial policy, and a roadmap for full alignment with the EU acquis. Progress in this direction is crucial both for European integration and for strengthening our own macroeconomic stability,” said Oleksii Sobolev, First Deputy Minister of Economy of Ukraine.
According to Oleksii Sobolev, it is important that the Ministry of Economy continues monitoring economic resilience by many indicators despite some data access limitations due to military actions. The next step Ukraine is preparing for is the transition to the Macroeconomic Imbalance Procedure (MIP) – a system for preventing and correcting risky macroeconomic imbalances used in EU countries.
Special attention was given to anti-corruption measures in economic and monetary policy, including monitoring mechanisms for transparent and effective use of recovery funds, including those provided for in Ukraine’s Plan for the Ukraine Facility.
“Fighting corruption is not only a matter of governance but also of economic stability and growth. Ukraine’s Plan includes concrete anti-corruption steps: reforming key institutions, adopting new strategies and registries to strengthen oversight and accountability. With the support of international partners, we ensure maximum transparency in selecting recovery projects and targeted use of funds for their implementation. All this creates a more transparent environment for attracting investment,” emphasized Taras Kachka, Deputy Minister of Economy of Ukraine and Trade Representative of Ukraine.
Overall, under Chapter 17, the Ukrainian side reported in Brussels on the following topics:
- Participation in economic surveillance mechanisms prior to accession;
- European fiscal surveillance and review of economic governance;
- Ensuring reliable national budget policy;
- Independence of the National Bank;
- Prohibition of monetary financing;
- Anti-corruption measures.
Background:
Screening is the process of assessing Ukrainian legislation for its compliance with EU law in each of the 35 negotiation chapters. It is a necessary stage of the accession negotiation process with the European Union. The EU acquis in the field of economic and monetary policy contains rules requiring the independence of central banks of member states and prohibiting direct financing of the public sector by central banks, as well as privileged access of the public sector to financial institutions. New member states must comply with specified criteria in order to be able to introduce the euro in due time after accession.
