The Research Centre, being established at the Bank of Lithuania, and the bank will collaborate with Vilnius University

“We often hear criticism that economic science in this country is detached from reality and has little to do with practice. We are confident that the collaboration in the Research Centre between the country’s central bank and the oldest and largest Lithuanian university will bring together the best minds to deal with very specific issues of the country’s economy,” says Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania, who signed the agreement.

The Bank of Lithuania and Vilnius University agreed to work together in carrying out joint research projects, preparing joint seminars, conferences, scientific publications, sharing good experiences in training, practical and research activities in the fields of banking and finance. In aiming for these goals, the parties plan to consult each other, provide methodical and practical assistance, encourage exchange of specialists and participation of representatives at scientific conferences, seminars and other events where issues in the fields of economics and finance, relevant to both parties, are discussed.

“The implementation of the fundamental objectives of the Bank of Lithuania requires the highest level of professionals. Therefore, it is very important for us to ensure that adequate specialists are educated at universities. We hope that eventually this new subdivision of the Bank of Lithuania will create a critical mass of scientific potential in key areas and give a positive impetus to the development of economic science in Lithuania,” says Marius Jurgilas, Member of the Board of the Bank of Lithuania, who will coordinate the activities of this new centre.

The objectives of the Bank of Lithuania’s Research Centre will be to carry out research activities, competently share its expertise with partners, liaise with the academic community and the form the status of the Bank of Lithuania as a centre of excellence.

The bank’s operational guidelines for 2014–2016, approved by the Board of the Bank of Lithuania, provide that one of the strategic objectives of the Bank of Lithuania is to become a centre of excellence, developing high quality applied analysis leading to the adoption of the most appropriate solutions necessary for sustainable economic development.