Decisions regarding the economic and financial policies of the European Union are usually taken in the ECOFIN council and it’s preparatory bodies, in which the representatives of the Ministry of Finance are also involved. During the Lithuanian Presidency of the EU Council in the second half of 2013 the Minister of Finance will be chairing the ECOFIN Council meetings.
Other important institutions in the field of finance include the European Central Bank, European Investment Bank and European Investment Fund. The EU also attaches great importance to economic cooperation with other regions in different formats (ASEM, FEMIP, EU Baltic Sea Region Strategy).
The issues of economic and financial policy became particularly relevant in the context of the Euro zone crisis and have been dominating the EU agenda for the past few years. The measures invoked by the EU in order to strengthen the economic coordination of the member states include reinforcement of the Stability and Growth pact by adding stricter provisions regarding member states’ debt and budget deficit and The Treaty on Stability, Coordination and Governance signed by 25 EU Member States.
The co-operation with the international financial organisations strengthens the trust of foreign countries and financial markets in Lithuania as a reliable partner and a country making an active contribution towards global financial and economic stability and the processes of promoting economic development.
International financial institutions
Lithuania is a member of the following international financial organisations: organisations of the World Bank group, the European Bank for Reconstruction and Development (EBRD) , the Council of Europe Development Bank (CEB), the European Investment Bank (EIB) and the Nordic Investment Bank (NIB). It is also a member of the International Monetary Fund (IMF).