Publication: Considerations on assuring financial security being a part of the economic security of the Republic of Moldova in the European integration process
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Authors
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ASEM
Abstract
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MUNTEANU, Corneliu. Considerations on assuring financial security being a part of the economic security of the Republic of Moldova in the European integration process. In: Competitivitatea şi inovarea în economia cunoaşterii [online]: conf. şt. intern., 22-23 sept., 2017: Culegere de articole. Chişinău: ASEM, 2018, vol. 4, pp. 99-104. E-ISBN 978-9975-75-899-4.
In the Republic of Moldova, financial security has been marked by banking fraud (2014), who “kneeled” the national economy. The most serious problem was, and is still present, the uncertainty from the banking system that was created as a result of dubious transactions and fraud from 2014, so that the financial security of the Republic of Moldova has been exposed to an imminent risk. Latest results recorded by the financial sector show that the main activity of commercial banks - financial intermediation (financing economy) - is constantly decreasing. Additionally, an important risk factor that has contributed to the worsening financial situation in the country, was the freezing of foreign financing. From the moment of signing, relations between the EU and Moldova, the later are guided by the Association Agreement EU-Moldova (AA), including DCFTA and the Association's Agenda. These acts provide for the period of 2015-2020 support the implementation of the “acquis communitaire”. Taking into account the changes in the Moldova’s financial security architecture, coming closer (the implementation of the Association Agreement) to the European Union is one of the most desirable solution for consolidation of the banking sector and the transformation in a safe sector for the local society and attractive to foreign investors. JEL CLASSIFICATION: F52, F36, E58
In the Republic of Moldova, financial security has been marked by banking fraud (2014), who “kneeled” the national economy. The most serious problem was, and is still present, the uncertainty from the banking system that was created as a result of dubious transactions and fraud from 2014, so that the financial security of the Republic of Moldova has been exposed to an imminent risk. Latest results recorded by the financial sector show that the main activity of commercial banks - financial intermediation (financing economy) - is constantly decreasing. Additionally, an important risk factor that has contributed to the worsening financial situation in the country, was the freezing of foreign financing. From the moment of signing, relations between the EU and Moldova, the later are guided by the Association Agreement EU-Moldova (AA), including DCFTA and the Association's Agenda. These acts provide for the period of 2015-2020 support the implementation of the “acquis communitaire”. Taking into account the changes in the Moldova’s financial security architecture, coming closer (the implementation of the Association Agreement) to the European Union is one of the most desirable solution for consolidation of the banking sector and the transformation in a safe sector for the local society and attractive to foreign investors. JEL CLASSIFICATION: F52, F36, E58
Keywords
financial security, sustainable development, vulnerability, economic security, acquis communitaire, European integration, Republic of Moldova