Moldova Accelerates Financial Modernization Towards EU Market Integration

Moldova's Strategic Push for EU Financial Alignment

The Republic of Moldova is undergoing a significant transformation in its financial sector, aiming for closer integration with the European Union's unified financial market. This strategic direction was highlighted by Anca Dragu, Governor of the National Bank of Moldova (BNM), during the Conference on European Economic Integration (CEEI 2025) in Vienna. Dragu emphasized that Moldova is entering a 'crucial phase of financial modernization' to align with European standards.

The Governor has consistently articulated Moldova's commitment to EU financial integration as a strategic priority, asserting that the country is not a 'financial periphery' but an 'integral part of financial Europe'.

Milestone Achieved: SEPA Integration

A major step in this modernization drive was Moldova's official integration into the Single Euro Payments Area (SEPA) on October 6, 2025. This move allows for faster, more secure, and significantly cheaper euro transfers, effectively eliminating administrative barriers and bringing Moldova's payment systems in line with European standards. The BNM played a coordinating role in this accession process, which is expected to bring tangible benefits to citizens, diaspora, and businesses by reducing transaction costs and enhancing efficiency.

The integration into SEPA means that euro payments will be processed under the same conditions as within the EU, with transfers that previously cost between 20 and 200 euros now costing only a few euros or even being free. This development is particularly beneficial for the more than 60% of Moldova's exports oriented towards the EU, increasing competitiveness and facilitating trade.

Advancing Capital Markets and Digitalization

Beyond SEPA, Moldova is actively pursuing broader financial sector modernization and digitalization. The BNM is implementing new regulations to enhance the efficiency of the Single Central Securities Depository, liberalize capital accounts, and develop the payment system. Fintech innovations are also being supported through a clear and secure regulatory framework, including Mandatory Open Banking and e-KYC regulations, to foster an inclusive, innovative, and interoperable payment ecosystem.

A significant initiative involves strategic cooperation with Romania, specifically the Bucharest Stock Exchange, to establish a new stock exchange in Chisinau by the end of 2025. This collaboration aims to accelerate the development of Moldova's capital market and strengthen regional financial integration by bringing know-how, innovation, and mature governance standards. Furthermore, the EU has launched a Twinning project to bolster supervision, corporate governance, and risk management within Moldova's financial sector, with support from the National Bank of Romania, the Central Bank of the Netherlands, and the Central Bank of Lithuania.

Broader EU Accession Context

These financial reforms are integral to Moldova's broader journey towards full European Union membership. Moldova was granted EU candidate status on June 23, 2022, and official accession negotiations commenced on June 25, 2024. The screening process, which evaluates Moldova's alignment with the EU acquis, was completed on September 22, 2025.

The country has set a target date of 2028 for EU accession, with some European officials suggesting that completion by 2027 is a feasible goal given the accelerated pace of reforms. The entire banking system of Moldova is projected to be fully aligned with the EU's acquis communautaire by 2026. The EU is supporting these efforts with substantial financial aid, including a Growth Plan for Moldova valued at €1.9 billion for the period 2025-2027, representing the largest stand-alone financial support package for the country.