After a meeting with his Baltic counterparts in Vilnius on Thursday, the minister emphasized that a healthy banking system and efforts against money laundering were the primary measures that need to be taken to prevent the problems Cyprus has lately been facing.
„We must do everything to have a sound banking system, not only in Lithuania, not only in Baltic countries but also throughout the Europe. This is one of the goals of Lithuanian presidency: to finalize banking union legal acts that have been on the table and have been discussed on the European level,“ Sadzius told journalists.
He noted that instruments for fighting money laundering were harmonized on the European level and had to be observed.
„If we stick to the high standards concerning money laundering prevention, we will be successful,“ Sadzius said.
In a press release, the ministry noted that „during the Presidency, Lithuania will strive to increase confidence in soundness of the EU public finances by focussing on the strengthening of the Economic and Monetary Union, further developing the legal framework for the Banking Union and by securing the 2014 EU budget adoption.“
„During the Lithuanian Presidency of the EU Council, the Ministers of Finance of the Baltic States will aim at concluding the negotiations on the Cohesion Policy legislative package for 2014-2020. Furthermore, the Ministers agreed on further cooperation in the development of the activities of the Baltic Innovation Fund,“ reads the press release.
EU is currently discussing a joint institution for monitoring banks, which supporters say will not allow governments of countries with troubled banks to seek financial aid. The common monitoring mechanism is one of the key elements for stabilization of the EU banking system and preventing governments from facing bankruptcy due to financial difficulties endured by banks.
