Baltic and Nordic countries to cooperate on strengthening cross-border financial stability

Date

2018 02 09

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The heads of relevant ministries, central banks, financial supervisory authorities and resolution authorities in the Nordic and Baltic countries have signed a Memorandum of Understanding (MoU) on cooperation and coordination on cross-border financial stability.

‘I believe that the memorandum signed by the Baltic and Nordic countries will contribute to the strengthening of financial stability in the region. The Lithuanian financial sector is an integral part of the Nordic-Baltic financial sector thus cross-border financial stability is a common interest. The signatory parties, including Lithuania, have reaffirmed their determination to cooperate and exchange information,’ said Vilius Šapoka, Minister of Finance.

‘The Baltic and Nordic financial systems are closely linked, hence it is crucial that institutions responsible for financial stability in the region cooperate and stand ready to take coordinated actions, if needed,’ said Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.

The MoU foresees various forms of cooperation between Lithuania, Latvia, Estonia, Denmark, Iceland, Norway, Finland and Sweden, including exchange of information, joint discussions on issues related to financial stability to find mutual understanding, and regular joint financial crisis simulation exercises.

The new MoU replaces the earlier agreement between the Nordic and Baltic ministries, central banks and financial supervisory authorities, signed in 2010.