Eu, Oecd Agreed to Foster Progress in Developing Global Standard of Automatic Exchange of Tax Information

The second day of the Informal ECOFIN meeting in Vilnius benefited from the discussion on the vision of future shape of the financial system with particular attention on crisis prevention and a discussion about fight against tax fraud and evasion, said the website for Lithuania's EU Presidency eu2013.lt.

The Ministers and Governors exchanged views on the necessary measures to ensure the stability of the banking sector and wider financial sector in the future. Besides touching the broader picture of crisis prevention and resolution, the discussion also focused on further possible reforms and policy measures to reduce financial market fragmentation and foster wider financial intermediation channels for the benefit of European economy. Brussels based think-tank Bruegel presented its ideas on the topic.

"The financial crisis has revealed a number of weaknesses in financial sector regulation therefore continuous improvement of financial sector resilience and its efficient functioning is of utmost importance. We had fruitful discussion, which contributes to our efforts to ensure the financial stability that is essential for fostering...