The desire of Ukraine to integrate into the European legal space necessitates the appropriate transformations in all spheres of public life, adaptation of public institutions to the best world standards. Since Ukraine seeks to integrate into the European economic space, political, legal, organizational, social and economic measures should focus on the requirements of the countries – EU members. The aim of this study is theoretical justification of influence of the European standards implementation on the economic development of Ukraine. Methods of comparative analysis of institutional and functional changes that can and should be the basis for a new model of social and economic development of Ukraine, taking into account the impact of implementation of European legislation, have been used during the study. Also, methods of induction and deduction in determining the cause-effect relationships of implementation of European standards on the economic development of the state, which provides not only new opportunities but also creates new risks, have been used. The focus is on the impact of the implementation of European standards for certain industries. It has been proposed to adapt national legislation to international standards and EU legislation through the further development and improvement of the basic standards and norms in the field of economy. It has been proved that in this connection a detailed and comprehensive analysis of the interests of society and culture options for further European integration is required. The process of reform towards forming its own institutional framework and the European model of political and economic organization provides scientific novelty of the study. It has been determined based on the analysis that Ukraine should involve all resources for effective reforms that will positively affect the social and economic development of our country and will bring it to the membership. Further studies will be used to determine the impact of the controversial process of economic integration on institutional status.