Economics and Financial Stability Service
- Strengthens the role of the Bank of Lithuania as a centre of excellence in economics and finance
- Forecasts economic development trends and makes macroeconomic projections
- Performs stress tests to assess the resilience of the domestic financial system to adverse shocks
- Collects and presents monetary and financial statistics
Gediminas Šimkus, Director of the Economics and Financial Stability Service
In the upcoming years, we will strengthen the role of the Bank of Lithuania as a centre of excellence in economics and finance. To this end, we plan to develop our organisation’s analytical potential, stimulate research activities, enhance our reputation in the fields of economics and finances on both Lithuanian and international level, and share economic progress that would help make rational decisions and solve key economic problems. Our Service and the three Departments that work under its umbrella – the Economics Department, the Financial Stability Department, and the Statistics Department – play an important role in this process.
The Economics and Financial Stability Service participates in the decision-making process of the euro area monetary policy. We analyse economic trends in Lithuania and foreign countries, forecast potential economic developments and make macroeconomic projections. Research conducted by our experts allows identifying the impact of monetary policy on the economy, and projecting the potential implications of changing economic conditions for economic growth.
Under the mandate of the Seimas, the Bank of Lithuania implements macroprudential policy, which contributes to the protection of the stability of the domestic financial system, including strengthening the resilience of the financial system and reducing systemic risks. Our economists prepare financial stability reviews, conduct surveys of financial institutions and households, and provide relevant economic and financial information to the media and their peers, which allows them to get a better understanding of and project both internal and external threats to Lithuania’s financial system. We regularly perform stress tests in order to assess the resilience of the domestic financial system to adverse internal and external shocks.
Together with the Supervision Service, we strengthen the credit unions operating in Lithuania and ensure their sustainable and long-term development. We cooperate with policy makers and market participants to implement laws establishing changes towards better regulation of the credit union sector.
The Economics and Financial Stability Service collects, compiles, publishes and provides to consumers statistical information. We also manage the Loan Risk Database containing data on credit taking parties. Natural and legal persons may access their personal data stored in the Database.