Moldova's enlargement journey: a commitment to economic and regional stability

As the Republic of Moldova advances towards EU membership, the country is taking important steps to strengthen democracy and the rule of law, stimulate economic growth and sustainable development, and improve citizens’ wellbeing. Moldova has demonstrated a strong commitment to the accession process, and closer economic ties with the EU have helped the country diversify its export markets, encourage product innovation and raise quality standards. The visa-free regime has also facilitated travel, expanded business opportunities and supported educational and cultural exchanges. In recent years, Moldova’s gradual integration into European systems and programmes has produced several practical benefits:

• The interconnection of Moldova’s energy system with European networks, supported by the EU, has helped the country reduce its dependence on external suppliers and strengthen its energy security.
• Moldova’s integration into the Single Euro Payments Area, or SEPA, is generating estimated savings of €1mn per month by making cross-border payments faster and less expensive.
• The country’s inclusion in the EU’s “Roam Like at Home” area allows Moldovans to make calls, send messages and use mobile data across participating countries without additional roaming charges.
• The €1.9bn Growth Plan for Moldova, the largest EU financial support package ever provided to the country, is accelerating investment in priority areas including energy and infrastructure, business and agriculture, education and healthcare.

Moldova’s accession journey therefore represents an institutional process with the potential to strengthen the country’s economic performance while reinforcing regional security, deepen economic and political partnerships, and demonstrate the EU’s commitment to supporting democracy and prosperity beyond its current borders. In the process of ever closer cooperation between Moldova and the EU, and as negotiations on the “fundamentals” cluster officially opened, the National Bank is not just a technocratic bystander, but an integral part of the process. In addition to their classical mandate of ensuring price stability, central banks also ensure that the banking and insurance sectors, and non-bank financial institutions, can all be prepared for deeper integration in the European Union and can boost attractivity for foreign direct investment.

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