European Commission - Speech Keynote speech by Commissioner Dombrovskis at National Bank of Moldova annual conference Chi ș inău, 1 October 2026 Honourable Governor Dragu, distinguished guests, ladies and gentlemen. Good morning. It is a great pleasure to be with you today in Chi ș inău. I will begin by saying that I am sorry that my visit does not coincide with this weekend's National Wine Day! Of course, Moldova ha...
European Commission - Speech Keynote speech by Commissioner Dombrovskis at National Bank of Moldova annual conference Chi ș inău, 1 October 2026 Honourable Governor Dragu, distinguished guests, ladies and gentlemen. Good morning. It is a great pleasure to be with you today in Chi ș inău. I will begin by saying that I am sorry that my visit does not coincide with this weekend's National Wine Day! Of course, Moldova has one of the oldest winemaking traditions in Europe. For thousands of years, its production and trade have bound Moldova to the rest of our continent. In ancient times, wine travelled from here to the Greek and Roman worlds, and later far beyond. And today, the European Union is the main destination for Moldovan wine. Around 60% of your wine exports now go to EU markets, double the share of fifteen years ago. Of course, I have not come to today's conference simply to praise the quality of Moldova's wine. But I do think it has something to teach us about today's subject of discussion. Any winemaker will tell you that the process cannot be rushed. It depends on careful preparation, the right conditions, and support where needed. The rewards come to those who are patient and willing to invest for the long term. And the same is true of Moldova's economic integration with the European Union. Moldova has now entered a new phase in its journey towards European integration. Since June of this year, EU accession negotiations have been formally under way. The accession conference of 15 June opened the Fundamentals cluster, and the conference of 14 July opened the External Relations cluster. These are historic steps. They mark the start of a demanding, structured process that will shape Moldova's institutions, its economy and its future for generations to come. I want to stress one point from the outset. This accession process is not merely a political milestone. It is a cornerstone of Moldova's economic transformation, and of its emergence as a key partner for trade and investment. In several areas, this integration is no longer a prospect. It is already a reality that citizens and businesses can see and feel. Take payments. Moldova's membership of the Single Euro Payments Area – or “SEPA” – since October 2025 makes transfers to and from the EU faster, cheaper and simpler. The benefits are already tangible. Moldovan citizens and businesses saved over €6 million through SEPA transfers in its first six months of operation. Beyond payments, Moldova is taking further steps to deepen its financial markets and integrate them more closely with those of the EU. The Organisation for the Development of Entrepreneurship Fund of Funds aims to attract and channel both domestic and international investment into local start-ups. And the creation of the International Stock Exchange of Moldova marks an important step towards developing a domestic capital market. In communications, Moldova joined the EU's "Roam Like at Home" area at the beginning of this year, allowing EU citizens travelling in Moldova, and Moldovan citizens travelling in the EU to make calls and use mobile data without extra fees. And then there is energy, where Moldova knows better than most how costly vulnerabilities can be. A new electricity interconnection with the EU market will soon diminish that vulnerability and further strengthen Moldova's energy security, even if, as we know, it will not make global price shocks disappear. These are concrete examples. They show that integration is not something that begins on the day of accession. It is already happening now. Step by step. Day by day. Ladies and gentlemen, the experience of previous EU enlargements – including my own country's – shows that accession can bring a major opportunity for rapid real convergence. By this I mean a catching-up in productivity, in wages and in living standards between Moldova and the EU. Moldova can, and should, become an attractive destination for foreign direct investment and domestic private investment. But convergence is not automatic. It depends on sound policy choices. While accelerated integration creates an opportunity to drive economic convergence, it also raises the importance of getting the economic fundamentals right to make the most of those opportunities. The good news is that the accession process itself is helping Moldova strengthen those fundamentals, notably through closer alignment with EU rules, standards and institutions. So, accession should not be viewed as just an important destination. It also provides a valuable framework to guide crucial reforms here and now, to lay the foundations for a strong, resilient and prosperous economy. Let me turn to the most important foundation of all: macroeconomic stability, and the role that fiscal and monetary policy play in supporting and reinforcing it. In recent years, Moldova has demonstrated a strong commitment to maintaining macroeconomic stability. This is evidenced by a well-calibrated monetary policy response to elevated inflationary pressures, combined with targeted and temporary support to the most vulnerable groups amid successive energy price shocks. Close engagement with the IMF has also played an important role in anchoring macroeconomic stability. With regard to fiscal policy, important reforms have already been undertaken to improve spending efficiency and public investment management. However, the budget deficit in recent years has remained stubbornly high and the debt to GDP ratio continues to increase. Further progress in revenue mobilisation, the prioritisation of strategic expenditure, public investment and debt management will help create the fiscal space needed to respond to future shocks and advance Moldova's strategic priorities. Strong national fiscal institutions are an important part of this framework. Disciplined budget planning, transparent execution and credible oversight of public finances are essential. So is a robust medium-term budgetary framework, anchored by a credible fiscal rule. Together, these create the fiscal space for much-needed investment. These are also core elements of the EU's economic governance framework, and a key condition for EU membership. Monetary policy is also playing its part. A credible commitment to price stability underpins confidence and a stable environment for investment. Central bank independence is fundamental to the credibility of this commitment and an important element of Moldova's alignment with EU standards. As integration accelerates, the importance of a credible monetary anchor will only increase. Because a faster opening of the capital account could bring more volatile inflows before domestic markets are sufficiently deep to absorb them. This can put pressure on the exchange rate, lead to excessive credit growth and create risks to financial stability, while also adding to inflationary pressures. Moldova is not alone in its efforts to make the most of the opportunities that its economic integration has to offer. The EU's €1.9 billion Growth Plan provides crucial financial and technical support for Moldova. The plan facilitates further economic integration with the EU by powering a reform agenda, as EU funding is linked with reforms to make the economy more resilient. These reforms include reducing the administrative burden on businesses, digitalising government services, boosting anti-corruption efforts, and reinforcing the systems for fighting fraud, amongst others. The implementation of the Growth Plan is advancing well so far, with over €500 million in EU financing already being made available. But now that we have crossed the halfway point, it is time to double down and ensure the reform momentum is sustained. This includes important reforms to strengthen economic governance, notably by reinforcing Moldova's medium-term fiscal strategy. And key steps in the financial sector, including further developing the stock exchange and the post- trading infrastructure, while strengthening investor protections. Ladies and gentlemen, I want to close not with a statement about what the EU offers Moldova, but with a reminder of what Moldova offers the EU. A robust partner in regional security. A growing market for European companies and investment. And hard-won, practical experience in countering hybrid threats and fighting disinformation. This is a partnership of mutual interest and mutual benefit. We are in this together. Moldova's path towards the European Union is ambitious. It will require sustained effort and determined choices. But the foundations are being laid, and the direction is clear. Much like Moldovan wine, this work may take time to mature. But the rewards will be worth the wait. Thank you very much. SPEECH/26/2027 <@rel_link@>
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