Legal Aspects Regarding the Harmonization of the Legislation of the Republic of Moldova with the Single Supervisory Mechanism of the European Union

Abstract

The current study investigates the legal aspects of transposing the European Single Supervisory Mechanism (SSM) into the national banking legislation of the Republic of Moldova, aiming to determine the compatibility of the domestic regulatory framework with the principles of the European Banking Union. The purpose of the research is to highlight the normative, institutional, and doctrinal challenges faced by Moldova in adapting its banking legislation to European standards, particularly in the context of financial stability, prudential supervision, and the integration process with the European Union. The subject of the study focuses on the correlation between Moldovan laws, such as Law no. 548/1995 on the National Bank of Moldova and Law no. 202/2017 on banking activity and European Union instruments, including Regulation (EU) No 1024/2013 establishing the SSM and the ECB’s supervisory manuals. The methodology is based on comparative legal analysis, critical interpretation of doctrine, and examination of the convergence criteria applied in European integration. Special emphasis is placed on Moldovan doctrinal contributions (Armeanic Alexandru, Cojocaru Vladlen, Gribincea Lilia) as well as Romanian and European scholarship addressing the structural evolution of banking supervision. The results show that Moldova has taken significant steps in harmonizing its legislative framework with European banking acquis, particularly by aligning prudential supervision and risk management standards. However, important gaps remain in terms of institutional independence, operational capacity of the National Bank, and integration of EU - level governance mechanisms. The findings suggest that a gradual transposition, supported by legislative adjustments and enhanced supervisory capacity, is the most feasible path forward. In conclusion, the research contributes to the doctrinal debate by identifying both opportunities and challenges for Moldova in approximating to the SSM. This strengthens the academic understanding of the convergence between national banking law and European supervisory mechanisms, while offering concrete directions for future harmonization. JEL: K15, E5