Dutch Central Bank advocates strong EU, backs Ukraine's membership
De Nederlandsche Bank (DNB) expressed unwavering solidarity with Ukraine and called for a stronger, more resilient European Union. The central bank highlighted the need for EU reform and advocated for Ukraine's future membership to boost stability and growth.
Navigating a shifting global order
De Nederlandsche Bank (DNB) reaffirmed its firm support for the Ukrainian people against the Russian invasion, with a DNB representative noting a deeply emotional visit to the Wall of Remembrance for the Fallen Heroes.
The central bank acknowledged the rapid disappearance of the post-war international order, based on rule of law and free trade, replaced by a world where major powers pursue their interests aggressively.
This shift, while most extreme for Ukraine, also impacts EU countries.
Europe must address this new geopolitical reality alongside the climate crisis, technological evolution (especially AI), and an ageing population.
For the EU, this necessitates strengthening resilience, boosting economic growth potential, and maintaining stability in an increasingly unstable world.
DNB itself has intensified contingency planning for various scenarios, from power outages to military conflict, drawing lessons from Ukraine's experience in safeguarding financial stability under extreme duress.
Ukraine's catalyst for EU reform
De Nederlandsche Bank advocates for Ukraine's membership in the European Union, seeing it as an integral part of Europe.
This accession offers mutual benefits: Ukraine would strengthen EU defenses with its military capabilities and experience, while its 45 million citizens would expand the single market.
For Ukraine, adopting EU regulations and institutions would stimulate economic growth and prosperity, consistent with past enlargements.
The path presents challenges, including a lengthy economic transition and necessary reforms to EU decision-making and budget structures.
DNB suggests these are crucial EU reforms, positioning Ukraine's membership as a catalyst for positive internal change.