The first day of the informal ECOFIN meeting focused on Banking Union, SME financing and the EU's economic outlook. (Includes link to VP Rehn comments on SME financing.)
During the working lunch, the EU Finance Ministers discussed the Single Resolution Mechanism (SRM) for the first time at the the ECOFIN level. The SRM is one of the key elements of the Banking Union.
“Swift progress towards the Banking Union is essential to ensure financial stability and growth in the internal market, as well as sound framework of financial system. In the light of this, the Single Resolution Mechanism must be agreed as soon as possible”, stated Rimantas Šadžius, Lithuanian Finance Minister and Chair of the ECOFIN Council. The Minister also stressed this earlier today at the Eurogroup meeting, where he was invited to discuss the issues related to the Banking Union. The Lithuanian Presidency is concentrating efforts on reaching general approach on SRM in the Council in November 2013.
The ECOFIN ministers exchanged views on ways and means to improve access to funding for small and medium enterprises (SMEs) in the short and medium term. Main attention was given to the options of innovative risk-sharing instruments provided by the European Commission and European Investment Bank (EIB), and presented in the June ECOFIN and European Council. This agenda item will be followed-up at the October ECOFIN meeting.
Friday’s session [see link below] also included 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.
Press release
ECOFIN-synopsis
See also: Financial stability is in the interest of entire EU, 13.9.13
VP Rehn's comments on SME-financing
© Lithuanian Presidency
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