Lithuanian Presidency will seek agreement on key elements of the Banking Union framework

09 July 2013, Last updated at, 16:07 EEST
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The Lithuanian Presidency has presented the development of the Banking Union framework as one of the main priorities at the ECOFIN Council in Brussels on July 9.

Finance Minister Rimantas Šadžius has assured that the Presidency will do its best to reach the Council agreement on the proposal for the Single Resolution Mechanism by the end of the year so that it could be adopted before the end of the current parliamentary term. By the end of the year the Lithuanian Presidency also expects the co-legislators to adopt the Bank Recovery and Resolution Directive and Deposit Guarantee Schemes Directive.

“Successful conclusion of the Banking Union is crucial for the smooth functioning of the Economic and Monetary Union and financial stability of the entire European Union. It is vital to ensure progress in discussions on the financial stability framework which paves the way to sustainable growth of the European economy,” Minister Šadžius said.

Minister Šadžius, chairing his first meeting of the ECOFIN Council under the Lithuanian Presidency, stressed the importance of stability and soundness of the financial markets and banking systems for the real economy of the EU.

The Lithuanian Presidency has also presented other priorities, including effective implementation of the recently enhanced EU economic governance framework, strengthening of the Economic and Monetary Union, taking effective steps in the fight against tax evasion and fraud and timely approval of the EU budget for 2014.

The Economy and Finance Ministers have adopted a decision allowing Latvia to introduce the euro as its currency from January 1, 2014.  Latvia will thus become the 18th member of the euro area. In the remaining six months it will finalize practical preparations for the changeover.

“The Presidency congratulates Latvia on joining the euro area. Latvia’s example gives inspiration to the whole European Union to continue implementing structural reforms and growth-oriented policy actions,” Minister Šadžius said.

The Council has approved documents guiding the implementation of the “Two-pack” economic governance regulations, including the specifications of the presentation of the draft budgetary plans by the euro area Member States for ex-ante assessment by the EU institutions.  The Council has also adopted the set of country-specific recommendations under the European Semester, which Member States will take due account of when developing their forthcoming decisions on  budgets, structural reforms, and employment and social policies.

The Council has also discussed the follow-up to the European Council of June 27–28 relevant to ECOFIN as well as preparation for the G-20 meeting of Finance Ministers and Governors on July 19–20 in Moscow.

Over lunch, the EU Economy and Finance Ministers are to meet their counterparts from the candidate countries – Turkey, the Former Yugoslav Republic of Macedonia, Montenegro, Iceland and Serbia – for an exchange of views on the progress that the candidate countries have made in improving medium-term macroeconomic frameworks and fostering structural reforms and adoption of the relevant Conclusions of the Ministerial Dialogue.

For more information please contact:

Rosvaldas Gorbačiovas
Ministry of Finance    
rosvaldas.gorbaciovas@finmin.lt   
+370 5 239 0008
+370  616 94846

Vykintas Pugačiauskas
Spokesperson in Brussels, COREPER II
vykintas.pugaciauskas@eu.mfa.lt
+32 24019836
+32 477701528


 

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