Meeting of the Governor Angelovska Bezhoska with the EU Ambassador Geer
Skopje, 24 February 2022
The European Commission adopted a Decision assessing that the banking regulations and the supervision implemented by the National Bank are in line with the standards of the European Union. The Decision confirms that the banking regulations in North Macedonia, as well as the manner of conducting supervision of banks is equivalent to that implemented in the EU. This puts North Macedonia on the list of only 26 countries in the world, including the United States, Canada, Japan and New Zeeland that meet these standards.
The significance of this Decision for the National Bank as a regulator of the banking sector, but also in the economy as a whole, was discussed at the working meeting held between the Governor of the National Bank, Anita Angelovska Bezhoska and the EU Ambassador to the country David Geer.
The assessment was conducted by the European Banking Authority, which over a period of more than one year studied the domestic banking regulations and supervision. The assessment determines that the domestic regulation and supervision enables stability and integrity of the financial system, efficient and adequate protection of the users of financial services, cooperation between different participants in the financial market, independence and efficiency of supervision and efficient implementation of international standards. Subsequently, the assessment of the European Banking Authority was adopted by the European Commission.
Receiving a positive assessment of the compliance of the banking regulations and supervision with that in the EU is a confirmation of the continuous activities of the National Bank for compliance with European standards.
Getting equivalent treatment is important in terms of the perceptions of potential investors and easier and more efficient connection of the domestic banking system with the international financial markets. The positive assessment facilitates the access of domestic institutions to the international financial market, brings advantages in the conduct of the monetary policy of the National Bank and facilitates the cooperation with the supervisory bodies in the EU.
The National Bank confirmed that it will continue to work on improving the regulation of the banking system, and thus maintaining a stable, competitive and market-based financial system, which operates in the best interest of consumers and the overall economy.
The Commision Implementing Decision form 1.10.2021 i published in the Official Journal of the EU, available on this link.