Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking and Finance Review - Subscribe to our newsletter

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2026 GBAF Publications Ltd - All Rights Reserved. | Sitemap | Tags | Developed By eCorpIT

    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Top Stories > ‘Wind of change’ in Europe as path to EU opens for Ukraine
    Top Stories

    ‘Wind of change’ in Europe as path to EU opens for Ukraine

    Published by Wanda Rich

    Posted on June 23, 2022

    5 min read

    Last updated: January 20, 2026

    Launch of a new partnership for vaccine manufacturing between the EU and Latin American and Caribbean countries
    Why waste money on news and opinion when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    By Philip Blenkinsop and Marine Strauss

    BRUSSELS (Reuters) -European leaders will formally accept Ukraine as a candidate to join the EU on Thursday, a bold geopolitical move triggered by Russia’s invasion of Ukraine but a reminder that the 27-nation bloc will need a major overhaul as it looks to enlarge again.

    “History is on the march,” European Union chief executive Ursula von der Leyen said ahead of a two-day summit that will kickstart the EU’s most ambitious expansion since welcoming Eastern European states after the Cold War.

    “I am not just talking about Putin’s war of aggression,” she said. “I am talking about the wind of change that once again blows across our continent. With their applications, Ukraine, Moldova and Georgia are telling us that they want change.”

    Although it will take Ukraine and Moldova years – and perhaps more than a decade – to qualify for membership, the Brussels summit decision will be a symbolic step that signals the EU’s intention to reach deep into the former Soviet Union.

    “This is like going into the light from the darkness,” Ukraine’s President Volodymyr Zelenskiy said on Wednesday, welcoming the bloc’s expected green light.

    Russian President Vladimir Putin says his “special military operation” launched in Ukraine in late February was partly necessitated by Western encroachment into what Russia characterises as its rightful geographical sphere of influence.

    While Ukraine and neighbouring Moldova are expected to be welcomed into the EU’s waiting room on Thursday, Georgia will be given “a European perspective” but told it must fulfil conditions before winning candidate status.

    “Today the EU is sending a message of solidarity to the people of Ukraine that you belong to the European family, that you belong to the EU … and you will get candidate status,” Irish Prime Minister Micheal Martin said as he arrived at the summit.

    BALKAN FRUSTRATION

    Behind the triumphant rhetoric, however, there is concern within the EU about how the bloc can remain coherent and united as it continues to enlarge.

    “In a historical moment, we must give a strong signal to Ukraine,” Belgium’s Prime Minister Alexander De Croo said. But he added: “It does not mean Ukraine will join the EU quickly, it will take time.”

    After starting in 1951 as an organisation of six countries to jointly regulate their industrial production, the EU now has 27 members that face complex challenges from climate change and the rise of China to today’s war on their own doorstep.

    Reticence over enlargement has slowed progress towards membership for a group of Balkans countries – Albania, Bosnia, Kosovo, Montenegro, North Macedonia and Serbia – whose leaders will meet their EU counterparts in Brussels on Thursday morning.

    A lack of progress on milestones to entry into the club has led to such a sense of disillusionment that the leaders of Albania and Serbia briefly considered not attending the meeting.

    They agreed eventually to make the journey, but Albanian Prime Minister Edi Rama said as he arrived at the summit: “Welcome to Ukraine, it’s a good thing to give candidate status, but I hope the Ukrainian people will not have much illusions about this.”

    A draft of the summit statement seen by Reuters showed that EU leaders will again give “full and unequivocal commitment to the EU membership perspective of the Western Balkans.”

    But Ukraine’s fast track to formal candidate status has only served to increase their feeling of being sidelined, which carries the risk for the EU that Russia and China extend their influence into the region.

    “The more the EU doesn’t give a unified and a clear sign to the Western Balkans, the more other malign factors will use that space and that vacuum,” Kosovo President Vjosa Osmani said in a hint to those concerns.

    German Chancellor Olaf Scholz has said that the EU must “reform its internal procedures” to prepare for the accession of new members, singling out the need for key issues to be agreed with a qualified majority rather than by unanimity.

    The requirement for unanimity often frustrates EU ambitions because member states can block decisions or reduce them to the lowest common denominator.

    Despite waves of crises that have rocked the EU in recent years, from a wave of migration and Britain’s exit from the bloc to the rise of nationalism and tensions over standards of democracy, the bloc remains popular.

    According to a survey by the EU’s parliament, nearly two-thirds of Europeans consider membership of the EU a “good thing”, the highest result in 15 years.

    Still, leaders know that public discontent is mounting over a spike in inflation and an energy crisis as Russia tightens gas supplies in response to Western sanctions, and these economic concerns will be hotly debated on the second day of the summit.

    (Additional reporting by Francesco Guarascion, Jan Strupczewski, Charlotte van Campenhout and Sarah Marsh; Writing by John Chalmers and Ingrid Melander)

    More from Top Stories

    Explore more articles in the Top Stories category

    Image for Lessons From the Ring and the Deal Table: How Boxing Shapes Steven Nigro’s Approach to Banking and Life
    Lessons From the Ring and the Deal Table: How Boxing Shapes Steven Nigro’s Approach to Banking and Life
    Image for Joe Kiani in 2025: Capital, Conviction, and a Focused Return to Innovation
    Joe Kiani in 2025: Capital, Conviction, and a Focused Return to Innovation
    Image for Marco Robinson – CLOSE THE DEAL AND SUDDENLY GROW RICH
    Marco Robinson – CLOSE THE DEAL AND SUDDENLY GROW RICH
    Image for Digital Tracing: Turning a regulatory obligation into a commercial advantage
    Digital Tracing: Turning a regulatory obligation into a commercial advantage
    Image for Exploring the Role of Blockchain and the Bitcoin Price Today in Education
    Exploring the Role of Blockchain and the Bitcoin Price Today in Education
    Image for Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Image for Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Image for PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    Image for A Notable Update for Employee Health Benefits:
    A Notable Update for Employee Health Benefits:
    Image for Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Image for Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Image for ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    View All Top Stories Posts
    Previous Top Stories PostRussian rouble weakens vs dollar but hovers near 7-year highs
    Next Top Stories PostFrench June business activity was weaker than forecast -flash PMI