ECOFIN Meet to Discuss SRM

On 14 September 2013, the Lithuanian Presidency of the Council of the EU published a press release and a note (synopsis) on the informal meeting of the European Economic and Financial Affairs Council (ECOFIN) in Vilnius.  EU Finance Ministers and Central Bank Governors discussed the proposal for a Regulation for a single resolution mechanism (SRM).

The SRM is one of the key elements of the European banking union.  Lithuanian Finance Minister and Chair of the ECOFIN Council, Rimantas Šadžius, stated that “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”.  The Presidency is concentrating its efforts on reaching a general approach on the proposal for the implementation of the SRM in November 2013.