Trends in the Sovereignization of the EU Monetary and Credit System in the Context of Global Challenges and Conclusions for Ukraine
Bublyk Y. O., Brus S. I.

Bublyk, Yevhen O., and Brus, Svitlana I. (2026) “Trends in the Sovereignization of the EU Monetary and Credit System in the Context of Global Challenges and Conclusions for Ukraine.” The Problems of Economy 1:206–213.
https://doi.org/10.32983/2222-0712-2026-1-206-213

Section: Finance and banking

UDC 336.74:339.9

Abstract:
The article examines the processes of sovereignization of the European Union’s monetary and credit system amid the transformation of the global currency system in 2022–2026. It is substantiated that the transition from a unipolar dollar-centric order to a multi-vector model encourages the EU to form its own monetary sovereignty, which encompasses not only currency issuance but also control over technological platforms and payment infrastructure. The development of new infrastructural projects for cross-border settlements in central bank digital currencies (CBDCs), as well as international settlement platforms mBridge and Agora, as alternatives to the American SWIFT system, is analyzed. A significant increase in the volume of operations on the mBridge platform has been revealed, indicating the creation of an alternative to the traditional SWIFT system for large interstate settlements. Special attention is paid to the measures of the European Central Bank to protect the monetary space and expand the use of the euro outside the EU. Highlighted trends include preparations for the launch of the digital euro, the implementation of the Appia project for finance tokenization, and the expansion of the EUREP system to provide euro liquidity to foreign regulators. A trend of massive gold accumulation by central banks (notably Poland and Germany) has been identified as a tool for hedging geopolitical risks. For Ukraine, key directions for adaptation are highlighted: the need to increase the share of gold in the NBU’s international reserves, the importance of synchronization with European digital standards, and joining the ECB’s liquidity lines to support macro-financial stability. It is concluded that it is advisable to resume the e-hryvnia project in view of the prospects for integration into global settlement platforms.

Keywords: currency system, monetary policy, monetary sovereignty, international settlements, digital currencies, CBDC, international reserves.

Tabl.: 3. Bibl.: 17.

Bublyk Yevhen O. – Doctor of Sciences (Economics), Senior Research Fellow, Head of Department, Department of Monetary Relations, Institute for Economics and Forecasting of NAS of Ukraine (26 Panasa Myrnoho Str., Kyiv, 01011, Ukraine)
Email: bubl13@gmail.com
Brus Svitlana I. – Candidate of Sciences (Economics), Senior Research Fellow, Leading Researcher, Department of Monetary Relations, Institute for Economics and Forecasting of NAS of Ukraine (26 Panasa Myrnoho Str., Kyiv, 01011, Ukraine)
Email: brus_svitlana@ukr.net

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