reviews and stress testing of the banking system, and based on the results of these, develop and implement recapitalization plans together with the banks. 7. eu integration perspective 5 / 7 bis - central bankers'speeches in addition, it's crucially important to have a vision for ukraine's future, and here we have very clear anchor – eu membership. in that respect, landmark steps have already been taken, including the provision by the eu of candidate member status to ukraine. the consequences of this provision should not be underestimated, as we have seen how over the past 30 years or so the eu accession anchor has enabled successful transitions across emerging europe. we understand that the road to full membership could be long and uncertain, but ukraine needs a vision of integration with the eu, which can be of benefit to it in the near term. from our point of view, access to the european single market could be a core element of support. in practical terms, it would create enormous development opportunities for ukraine within the next few years. indeed, the very promise of rapid access to the european single market could increase private investment into ukraine almost immediately – particularly in those areas that have been less affected by the war. certainly, many reforms still have to be implemented. for our part, the nbu is committed to doing everything necessary to bring our regulation of the financial sector into line with eu standards as soon as possible. in fact, in recent years, we have made significant progress in implementing the respective eu acquis, through supporting the adoption of fundamental legislation on banking regulation, insurance, and payment services. in addition, with consultancy support from the ebrd, the nbu aims to align our banking regulatory and supervisory framework with eu standards. the ebrd is also supporting our efforts to achieve equivalence with eu requirements in confidentiality and professional secrecy in the banking system. we also see joining the single european payments area as an important element of our integration with the eu. the nbu has conducted a self - assessment of its compliance with the area's membership criteria, and is now identifying the optimal solution for integration with sepa systems – taking into account the challenges that ukraine faces at the moment. we plan to finalize preparations very soon, and initiate consideration of our case by the eu. 8. concluding remarks in conclusion, i wish to underline the following : there has long been a debate among economists over which type of investment provides the highest yield to the wellbeing of

to some preconceived notions about germans ) “ ordnungspolitik ” does not mean that policy makers will put everything in order. precisely the opposite is true! at least theoretically. the state is supposed to create a framework within which market forces are to interact and unfold their dynamism under competitive conditions. in this respect, however, the united kingdom seems to have made more progress than germany in the last decade. while our country has expanded the already overburdened welfare state further and has not sufficiently corrected the overregulated parts of the markets, this country seems to have changed many things radically in the 1980s nowadays, the united kingdom has very flexible structures and markets. and - if i see it aright - there is actually some consensus about the basic stance of such a policy in your country today. in particular, the united kingdom is attaching increasing importance to monetary stability. the bank of england has made great headway on the road towards independence. and the chancellor of the exchequer, gordon brown, has rejected short - termism in terms which even please the president of the bundesbank. so, all in all, it is not unfair to ask whether, in terms of the german postwar yardstick of “ ordnungspolitik ”, the united kingdom has not now distinctly outstripped its former mentor in this discipline. [ in a way, just the opposite of developments in soccer. ] iii the relationship between good economics and anglo - saxon thinking is also reflected, in a sense, in the history of the german view as to how european integration should be structured. it was certainly no accident that ludwig erhard ( the neo - liberal economist and architect of the social market economy in the postwar years ) sought to include the united kingdom in the european integration process at an early stage. but konrad adenauer, the wily politician, attached overriding priority to the franco - german relationship. this was motivated by different goals and hence different strategies. adenauer ’ s prime target was to overcome the franco - german conflict by making progress in political integration. in his view, the establishment of european institutions in the framework of a closely - knit community - even if, or more exactly when, the latter comprised only a few of the free states of europe - was an appropriate means of durably safeguarding the political integration of the two large continental rivals, which had been enemies for centuries. erhard adopted a different approach.