EU backs Ukraine central bank independence against state pressure
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Katarina Mathernova (Photo: Volodymyr Tarasov/Ukrinform/Sipa USA via Reuters)
The European Union expects Kyiv to follow clear legal procedures
when it comes to the tenure of National Bank of Ukraine (NBU)
Governor Andriy Pyshnyy, Katarina Mathernova, head of the EU Delegation to
Ukraine, said on Nov. 6.
Mathernova’s remarks were broadcast by European HUB via
Facebook.
“I believe the independence of the National Bank is one of
the key elements not only of Ukraine’s monetary sovereignty but also of its
sovereignty as a whole, along with many other independent institutions,” she
said.
“The National Bank’s independence is extremely important,
above all, for financial stability.”
She said there had been no instances of financial
instability or panic among depositors during the full-scale war. Ukrainian
banks have closed only because of power outages, she said, rather than because
of systemic problems.
“That is why I believe that the minister, his team at the
Finance Ministry, the government team, and the governor and team at the
National Bank have done a commendable job,” Mathernova added.
“We remain in constant contact with both sides because the
EU is the largest donor and largest partner, including on issues related to
regulation of the financial system.”
Mathernova said any action involving the NBU governor must
comply with current legislation.
“I believe the National Bank law clearly defines the grounds
for dismissal, and I very much hope that the laws will be followed,” she said.
“This is the fundamental principle of joining the EU — the
rule of law.”
Mathernova also said that G7 ambassadors in Ukraine had met
to discuss the issue amid Pyshnyy’s statements about political pressure and
attempts to remove him from office.
A draft resolution on dismissing Pyshnyy appeared on the
agenda of the Verkhovna Rada, Ukraine’s parliament, for the Nov. 9-13 plenary
week.
Pyshnyy said he had not submitted a resignation letter and
“has no intention of leaving office under political pressure.” He linked the
public discussion of his possible resignation to “prolonged political pressure,
manipulation, and a deliberate, coordinated campaign to discredit” him.
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