Chairman of the board of the Bank of Lithuania Vitas Vasiliauskas will take part in the meeting of the Economic and Financial Affairs Council (ECOFIN) in Milan, Italy, on 12-13 September.
Vitas Vasiliauskas
© DELFI / Tomas Vinickas

Ministers of finance and heads of central banks of the European Union member states will discuss long-term economic funding directions, bank asset quality assessment and bank stress testing issues.

According to Vasiliauskas, when economic growth remains sluggish, investment level inadequate and geopolitical situation tense, Europe as much as ever needs such regulatory measures that would not only enhance the financial system, but also stimulate more active business funding, especially for small and medium-sized enterprises.

Vasiliauskas notes that long-term economic funding priorities should be reached not at some point in the future, but soon. He emphasised the need of greater variety of alternative funding measures.

The head of the Bank of Lithuania says that alternative funding sources is the best direction to take in order to provide greater competition for banks. Economy would gain stable funding resources that would be more accessible to small businesses - the backbone of economy. Vasiliauskas says the EU capital market is not developed enough to be accessible to small enterprises and counterbalance the banks.

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