Ecofin Council Meeting in Vilnius Discusses Restructuring System for Problematic Banks

Today in Vilnius work continues at the informal European Union (EU) Economic and Financial Affairs (ECOFIN) Council meeting, where twenty-eight EU Member State central bank governors and ministers of finance have begun discussions on a common system for restructuring problematic banks, which is considered a cornerstone pillar of the banking union, the Bank of Lithuania said.

"The common bank restructuring mechanism is a supporting column of the future banking union and therefore is one of the most important objectives of our Presidency of the Council of the EU. To implement it, in this phase of our work it is necessary to clarify the positions of the countries, identify the main problems they raise and suggest possible compromises. We hope for and work towards reaching a consensus among the countries during Lithuania's presidency," says Vitas Vasiliauskas, who is participating in the ECOFIN Council...

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