Bank of Lithuania and central banks of Romania and the Netherlands to implement the EU-Moldova cooperation project
The Bank of Lithuania, together with the central banks of Romania and the Netherlands, will take part in the EU Twinning project aimed at strengthening the supervision, governance and risk management of the financial sector of Moldova, bringing the country closer to the EU standards and helping to implement provisions of the EU-Moldova Association Agreement related to the financial sector.
‘Together with experts from the central banks of Romania and the Netherlands, we are taking the lead in helping Moldova’s central bank and supervisory authority to bring the financial sector structure and supervision closer to the EU standards and thus accelerate the path of Moldova’s integration into the EU as well as achieve sustainable long-term economic growth,’ says Gediminas Šimkus, Chairman of the Board of the Bank of Lithuania.
Today Šimkus, Chairman of the Board of the Bank of Lithuania, Mugur Isărescu, Governor of the National Bank of Romania, Klaas Knot, President of the National Bank of the Netherlands, Octavian Armașu, Governor of the National Bank of Moldova and Vitalie Lemne, Deputy Chair of the Administrative Board of the National Commission for Financial Markets of Moldova, will launch the Twinning project ‘Strengthening supervision, corporate governance and risk management in the financial sector in the Republic of Moldova’ at a remote event. €2 million have been earmarked from the EU budget to strengthen the capacity of the National Bank of Moldova and the National Commission for Financial Markets and align their functions and activities with the EU law and international standards, helping to implement the provisions of the EU-Moldova Association Agreement.
This project focuses on the improvement of the macroprudential framework, the establishment of a new legal framework for supervision of the insurance sector and third party liability motor insurance, the strengthening of supervision of non-bank credit institutions, the preparation of the bank’s internal regulation on strengthening the infrastructure of financial markets and the supervision of payment services as well as the review of SEPA compliance.
Twinning is a European Union instrument for institutional cooperation between public administrations of EU Member States and of beneficiary or partner countries. Twinning projects bring together public sector expertise from EU Member States and beneficiary countries with the aim of achieving concrete mandatory operational results through peer to peer activities.