Budget, EU – Baltic States, Financial Services, Legislation, Lithuania

“One of the essential agenda items will be the discussion on Bank Recovery and Resolution Directive. This legislative package is of utmost importance for Europe, the  European Council also encourages us to proceed on this question without  delay”, – said Minister of Finance Rimantas Šadžius who is going to participate in the ECOFIN meeting.

The Directive aims to establish a single set of resolution  measures in the European Union. This set includes the introduction of new preventive, early intervention and resolution instruments as well as establishment of corresponding financial mechanisms and responsible national institutions. The measures would be applicable to banks and investment undertakings facing insolvency or related serious difficulties. The goal is to establish a resolution framework for credit institutions that would be financed by private funds without using taxpayers’ money.

The political agreement will also be sought on the EU draft amending budget for 2013. In view of the expected additional funding needs, the European Commission suggested  increasing this year's EU budget expenditures by EUR 11.2 billion. The greatest part (80 per cent or EUR 9 billion) of the expenditure would be allocated to Structural Assistance. Agreement on this issue is an important factor in negotiations with the European Parliament on the Multi-annual Financial Framework for 2014-2020.

EU Finance Ministers will also discuss the fight against tax evasion and fraud,  including directive on savings taxation, the mandate to the European Commission for negotiating amended savings  taxation agreements with third countries and Council conclusions on Tax Evasion and Fraud.

Council's agenda also includes discussion on implementation of EU macro-economic imbalances procedure, developments related to the future architecture of the Economic and Monetary Union and other questions.