2013-09-14
The ECOFIN Council meeting in Vilnius discusses a restructuring system for problematic banks
Today in Vilnius work continues at the informal European Union (EU) Economic and Financial Affairs (ECOFIN) Council meeting, where twenty-eight EU Member State central bank governors and ministers of finance have begun discussions on a common system for restructuring problematic banks, which is considered a cornerstone pillar of the banking union.
"The common bank restructuring mechanism is a supporting column of the future banking union and therefore is one of the most important objectives of our Presidency of the Council of the EU. To implement it, in this phase of our it is necessary to clarify the positions of the countries, identify the main problems they raise and suggest possible compromises. We hope for and work towards reaching a consensus among the countries during Lithuania's presidency," says Vitas Vasiliauskas, who is participating in the ECOFIN Council meeting.
The EU Member States' ministers of finance and central bank governors during the ECOFIN Council meeting will also debate on how to more effectively combat tax evasion and fraud.
At the informal ECOFIN Council meetings ministers of finance from all of the EU countries, governors of the central banks and representatives of the most important EU institutions meet semi-annually in the country holding presidency of the Council of the EU. The ECOFIN Council meeting has been organised in Vilnius for the first time. It started yesterday and will end today.
During Lithuania's Presidency of the Council of the EU the goal is to strengthen trust in the effectiveness of the EU's financial policy, thus creating conditions for sustainable growth in the economy and employment in the long term, as well as ensuring the financial stability of the euro area and the whole of the EU.