Satellite Event of the European Commission’s Annual Research Conference 2023
Access to finance, economic convergence and EU accession – perspectives for Ukraine, Moldova and the Western Balkans
Ukrajinu, Moldavsko a západný Balkán spája spoločná perspektíva vstupu do EÚ, hoci časový harmonogram zostáva neistý. Vstup do EÚ a konvergencia úrovní príjmov v týchto krajinách k úrovniam EÚ si bude vyžadovať značné množstvo kapitálu poskytnutého z verejných a súkromných zdrojov v zahraničí aj v samotných krajinách. Okrem toho sa od kandidátskych krajín EÚ bude vyžadovať, aby vytvorili správne rámcové podmienky, ktoré im umožnia využiť tieto finančné toky. Z pohľadu kandidátov, EÚ a medzinárodných finančných inštitúcií sa táto konferencia zameria na potreby financovania a možné zdroje financovania. Rečníci a panelisti budú diskutovať aj o skúsenostiach získaných z predchádzajúcich pristúpení krajín po prechode do EÚ.
Ukraine, Moldova and the Western Balkans are united by the common perspective of joining the EU, although timelines remain uncertain. EU accession and the convergence of income levels in these countries toward EU levels will require a substantial amount of capital provided by public and private sources both abroad and in the countries themselves. Moreover, the EU candidates will be required to create the right framework conditions, allowing them to leverage these financial flows. Taking the perspective of the candidates, the EU and international financial institutions, this conference will look at financing needs and possible financing sources. Speakers and panelists will also discuss lessons learned from previous EU accessions of post-transition economies.
Governor | Oesterreichische Nationalbank
Executive Director | National Bank of Slovakia
Regional Director for Europe | International Finance Corporation, World Bank Group
Panel 1: Financing needs for convergence and EU accession – the candidates’ perspective
This panel looks at current estimates of financing needs for economic convergence and EU accession from the perspective of the EU candidates. Such estimates are subject to considerable uncertainty, especially in the case of Ukraine, which is still at war. At the same time, they provide an important initial yardstick for the debate on regional financing: What are the current views held in the region regarding overall financing needs and the composition of various funding sources?
Director | Oesterreichische Nationalbank
Programme Director | European Policy Centre
Academic Director | IER – Institute for Economic Research and Policy Consulting, Kyiv
Deputy Research Director | Institute for European Policies and Reforms (IPRE)
Presentation of a study commissioned by the Bertelsmann Stiftung: Reconstructing Ukraine and EU integration
Deputy Director | The Vienna Institute for International Economic Studies – wiiw
Panel 2: Official international and European funding sources
International and European public funding will play a key role in financing the next round of EU accessions and the successful convergence of acceding countries. Funding efforts will include the provision of grants and loans. Since public funding is typically rather limited, these funding sources can be a crucial catalyst for private funding in the region. Against this backdrop, this panel sets out to explore
- how official international and European lenders can ensure that their funding is fully complementary to private capital and
- what needs to be done to maximise leveraging of private capital through official funding.
Executive Director | National Bank of Slovakia
Teresa Czerwińska (tbc)
Vice-President | European Investment Bank
Managing Director for Policy Strategy and Delivery | European Bank for Reconstruction and Development
Acting Director, Ukraine Service, DG NEAR | European Commission
Panel 3: Private access to finance
The private sector is expected to provide the lion’s share of the funding needed to support EU accession and economic convergence in Ukraine, Moldova and the Western Balkans. This in turn requires a well-functioning financial sector, including banks and nonbanks, and leveraging of new opportunities offered by fintech. Funding will also require private capital inflows in the form of foreign direct investment (FDI), which played a key role in the transition of Central, Eastern and Southeastern European (CESEE) countries. In this context, this panel seeks
- to identify which type of financial system would be best suited to support accession and convergence processes and
- to explore lessons learned from the experience of other post-transition countries that are now members of the EU.
XX | XX
XX | Vienna Initiative
Disruptive Technologies and Funds Department | International Finance Corporation
Head of Section | Oesterreichische Nationalbank
Concluding panel discussion: Making convergence work – framework conditions for attracting and utilizing capital
Favorable political and economic framework conditions are indispensable for accession to the EU and economic convergence. Only if conditions are right, will it be feasible to generate enough financial flows and use them productively. We know from previous accession rounds that the accession process itself is a very powerful tool to push through reforms and create the right institutional framework. We also know, however, that the desired results have not always been achieved. What can we learn from past experiences, what needs to be improved and what needs to be done differently?
Director, DG Economic and Financial Affairs | European Commission
XX | XX
Elina Ribakova (tbc)
Director of the International Program | Kyiv School of Economics
Sławomir S. Sikora
Chairman of the Supervisory Board | Citi Handlowy
István P. Székely
Principal Advisor, Directorate General for Economic and Financial Affairs | European Commission
End of conference