2013-10-09
V. Vasiliauskas: The international environment has been changing; however, financial sector restructuring and competitiveness of the economy must remain priorities
The Chairman of the Board of the Bank of Lithuania, Vitas Vasiliauskas, on 10–12 October will participate in the International Monetary Fund (IMF) and World Bank (WB) annual meetings, which will discuss global economic development, financial sector stability, and IMF policy issues.
“New vulnerability trouble-spots have been surfacing in the world economy — economic development in emerging market economies, which had been strong to date, is decelerating; fluctuations in capital flows are being faced,” says V. Vasiliauskas.
According to him, this strengthens even more the need to pursue further progress in addressing issues relating to the sustainability of public finances, restructuring of the financial sector, and competitiveness of the economy.
The head of the Bank of Lithuania also noted that so far, the basis for growth in developed countries is not sufficiently firm; however, following positive changes in economic development, the monetary policy conditions will have to be gradually normalised.
The members of the Bank of Lithuania delegation, as representatives of the country holding the EU presidency, in Washington will also attend meetings of the top 20 countries of the world (G20). During them it is intended to discuss the global financial sector, countries’ representation in the IMF, management of sovereign debts, as well as other issues.