EU begins screening Ukraine, Moldova on economic policy

The European Commission initiated the first stage of the official screening process for Ukraine and Moldova in Chapter 17, ‘Economic and Monetary Policy,’ on Tuesday, as reported by Ukrainian media citing the National Bank of Ukraine (NBU), according to Interfax.

This chapter, crucial for EU candidate countries, focuses on compliance with the Stability and Growth Pact, fiscal oversight, economic governance, public debt, budget principles, bans on monetary financing, Central Bank independence, and foreign exchange policy.

European Commission representatives met with Ukrainian officials on May 27 to discuss key legal acts related to Chapter 17, addressing numerous questions from Ukraine and Moldova.

The process will evaluate national laws’ alignment with EU regulations and the candidate states’ commitment to EU economic and monetary policies. Special emphasis was placed on the Central Bank’s independence, with EU representatives detailing how its independence would be assessed.

According to a European Commission report, Ukraine’s legislative framework generally supports the NBU’s independence. The Economy Ministry leads the work on Chapter 17, with significant involvement from the NBU.