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Directions of the financial system reformation in Ukraine in the context of crisis management

In the paper development problems accumulated in the process of financial system restructuring in Ukraine are comprehensively analyzed, and the main ways to overcome them are determined on the basis of the Association Agreement between Ukraine and the European Union, the Strategy for Sustainable Development “Ukraine-2020”, the Coalition Agreement that are based on objectives of ensuring the sustainable and dynamic economic growth. It is defined and assessed the main directions of the financial system reformation in the context of crisis management. European experience is considered and feasibility of its implementation in Ukraine is determined. A characteristic feature of the study is a comprehensive approach to reformation, which should be based on close coordination of actions in all its areas, namely introduction of effective regulation and supervision, attracting investments into reliable instruments and financial sector infrastructure development. It is emphasized on the need for acceptance of the Comprehensive Program of Financial Sector Development to 2020, the State Program of Reformation of the Protection System of Rights and Legal Interests of Financial Services Consumers, and the Stock Market Development Program of Ukraine for 2015-2017 “European choice — new opportunities for progress and growth”. It is suggested to create a new financial institution — the State Bank of Development. Particular attention is paid to a number of reforms regarding ensuring the financial stability in the context of the Financial Stability Boards’ functioning both on the global and domestic level.

Keywords: financial system, reformation, strategic development, regulation, supervision, the State Bank of Development, the Financial Stability Board.

JEL: H12, G18, G28.

John H. T. Directions of the financial system reformation in Ukraine in the context of crisis management / H. T. John // Фінанси України. - 2015. - № 7. - C. 75-85.