Banking union will strengthen EU internal market

23 July 2013, Last updated at, 10:06 EEST
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President Dalia Grybauskaitė met with the European Commissioner for Internal Market and Services, Michel Barnier, to discuss the key tasks of the Lithuanian Presidency in strengthening the EU internal market. The focus of the meeting was on further progress in building a banking union.

"Among the underlying tasks of the Lithuanian Presidency is to strengthen the financial sector by continuing to build a banking union. One of its components is a single resolution mechanism for banks which would facilitate the management of bank crises in the future. In case of difficulties, it would be banks themselves who would shoulder the burden of losses thus minimizing costs to taxpayers and threat to public finances," the President said.

She pointed out that the banking union is being created for the three main reasons: to restore confidence in banks, improve and coordinate the quality of supervision of banks, and prevent crises arising due to vulnerability of banks.
The President and the Commissioner also discussed the strengthening of the internal market and key initiatives to be dealt with by the Lithuanian Presidency - simplified online public procurement procedures, product safety rules, enhanced EU industrial policies and internal market governance.
 
The President highlighted the need to better exploit the potential of the services market. Elimination of still existing restrictions would open up more opportunities in the services sector both to businesses and to European citizens seeking employment. The Lithuanian Presidency will make efforts towards more effective implementation of the Services Directive in the EU member states.

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