"The informal ECOFIN meeting in Vilnius will be one of the key events of the Lithuanian Presidency. Our goal is to turn the constructive discussion into real decisions in the nearest future. We will debate on ensuring the financial stability of Europe on a sustainable basis, on fostering access to finance for SMEs and other important questions. We will search for common answers to continue moving forward in developing a credible, growing and open Europe", said the Lithuanian Finance Minister Rimantas Šadžius, Chair of the Informal ECOFIN meeting.
During a working lunch on Friday the EU Finance Ministers and Central Bank Governors will have the opportunity to discuss the Single Resolution Mechanism (SRM) for the first time at the ECOFIN level. The SRM is one of the key elements of the Banking Union. The Lithuanian Presidency is concentrating its efforts on reaching Council agreement on the proposal for the implementation of the SRM in order to have started negotiations with the European Parliament by the end of this year.
Later the ECOFIN ministers will discuss ways and means to improve access to funding for SMEs. Attention will be mainly focused on the joint proposals by the European Commission and the European Investment Bank (EIB) offering innovative risk-sharing instruments.
Friday's session will also include a discussion on the economic outlook and financial stability of the EU, the main priorities of structural reforms, a follow-up to the G20 Leaders' Summit and preparation for the IMF/WB Annual Meetings and the G20 ministerial meeting.
Friday's press conference will be attended by Rimantas Šadžius, Vice-President of the European Commission Olli Rehn (responsible for Economic and Financial Affairs), Commissioners Michel Barnier (responsible for Internal Market and Services), Johannes Hahn (responsible for Regional Policy) and Member of the European Central Bank's Executive Board Jörg Asmussen.
Saturday's meeting will be dedicated to financial stability and tax-related topics. EU Finance Ministers and Central Bank Governors will share their views on the future shape of the European financial system. The session will also include the respective report by a representative of the Bruegel think tank.
In the area of the fight against tax evasion and fraud, ECOFIN ministers will discuss the European and global initiatives on a global standard on the automatic exchange of tax information. Angel Gurria, Secretary General of Organisation for Economic Co-operation and Development (OECD) will attend this discussion.
Saturday's press conference will be attended by Rimantas Šadžius, Commissioners Michel Barnier and Algirdas Šemeta (responsible for Taxation, Customs, Statistics, Audit and Anti-Fraud).
The Presidency Issues Note (Synopsis) is available here.
