• Українська
  • Русский
  • English
Where there is no law, but every man does what is right in his own eyes, there is the least of real liberty
Henry M. Robert

National Currency and National Idea

13 November, 2012 - 00:00

By Vitaly KNIAZHANSKY, The Day

Some Germans trust their Chancellor, others the church, but they all trust
the Bundesbank. Ukrainians will only trust the National Bank (NBU) and
the hryvnia when top authorities pursues a transparent and generally clear
policy aimed at improving the life of society. NBU might perhaps acquire
the same status as the Bundesbank under a new regime.

 After signing on June 11 the law On the National Bank, President
Leonid Kuchma submitted as early as June 14 to Verkhovna Rada a bill laying
down cardinal changes in this law, still warm after debates in Parliament
and the press.

The head of state's press service told Interfax-Ukraine that Mr. Kuchma
suggests changing the procedure of dismissing the NBU chief (solely by
request of the President) as well as combining the posts of NBU Chairman
and Chairman of the NBU Board.

Commenting on the President-initiated changes, Parliamentary Banking
Subcommittee Chairman Anatoly Stankov told The Day, "I think Parliament
will categorically oppose combining the two posts in one person. The executive
and supervisory powers should not be in the same hands. If available, the
supervisory board will keep everything under control. And we should not
fear that it will include nonprofessionals. What kind of people the President
will recommend is an altogether different question. I do not think Parliament
will support amendments to an already enacted and signed law. This is the
mood of the factions."

On the other hand, NBU Governor Viktor Yushchenko said last Tuesday
at a press conference that he had already spoken with Speaker Oleksandr
Tkachenko about the presidential bill and received assurances about its
"early discussion in Verkhovna Rada."

Mr. Yushchenko claims, "It is only natural, to a large extent, that
financial and especially monetary stability can only be guaranteed by one
instrument during various political processes, by an independent National
Bank.

Will the National Bank receive independence from the hands of those
who, in the course of the current political processes, are constantly showing
their aspiration to achieve success by means of pie-in-the-sky promises?
Answering this question, The Day's experts point out that Mr. Kuchma
has opted for amendments, rather than a veto, to improve the law on the
National Bank just because he in fact does not need the amendments. He
knows in advance that Parliament will not pass them.

 

Can revive only under a new President
Rubric: