Directions Development of Ukraine’s Banking System in the Process Financial Globalization

Abstract

In the context of globalization, it is necessary to consider the modern banking system as part of the global world market, targeted dynamic open system, which consists of a large number of elements that perform different functions and have a multi-level hierarchical structure.The banking system is considered stable if it facilitates the efficient allocation of financial resources in space and time; allows the assessment, quotes, distribution and management of financial risks and retains the ability to carry out these important functions, even when external shocks or imbalances.
The banking system of Ukraine was not ready to political and economic shocks. The main reason for such unavailability is the lack of economic and political independence of the NBU and the inadequacy of Basel 3.NBU policy should be proactive and have an internal mechanism to prevent financial crises.
The main objective of the Basel standards is to improve the stability of banks and protect the rights of consumers of financial services. Therefore, the NBU is necessary to implement them as quickly as possible and that will restore confidence in the banking system of Ukraine and ensure its stability.