ECOFIN discusses simplification of the regulatory and supervisory framework for financial markets
On 10 March, Minister of Finance Kristupas Vaitiekūnas will attend a meeting of the Council of Economic and Financial Affairs Ministers (ECOFIN) of the European Union (EU) in Brussels to discuss cutting red tape in the EU's financial market regulatory and supervisory framework and further support for Ukraine.
On 4 December 2025, the European Commission presented a package of legal proposals, the Market Integration and Supervision Package, which aims to enable market participants to operate smoothly across Member States, benefit from economies of scale, deploy new technologies, and ensure an effective and more harmonised supervisory framework, thereby contributing to the Capital Markets Union. This package is a key component of the Savings and Investments Union (ESU) strategy.
"Despite recent progress, EU financial markets remain highly fragmented, small and insufficiently competitive, without achieving potential economies of scale and efficiency gains. Financial institutions still face divergent requirements and practices across Member States, hindering cross-border operations and limiting opportunities for both individuals and businesses. While we fully support the need to remove barriers, reduce administrative burdens and simplify regulation, we are cautious about the centralisation of supervision, which should be further considered. We need to make sure that such changes will have a clear added value, offset costs and contribute to the development of the capital market in the EU", Minister of Finance Kristupas Vaitiekūnas said.
During the meeting, finance ministers will also discuss further support for Ukraine and the situation of the Russian economy. On 26 February, the International Monetary Fund (IMF) approved a new four-year assistance programme of USD 8.1 billion, backed by Lithuania, together with the US, Japan and other G7 and EU countries. It is now important to reach a final agreement on the EUR 90 billion EU loan to Ukraine as soon as possible, which is still pending approval due to Hungary's refusal to give its final formal approval.
"The approval of the new IMF Ukraine programme is a positive message, but we must respect the agreement reached by EU leaders in December and find a way to finalise the procedures for the 90 EUR billion EU loan to Ukraine as soon as possible. We cannot waste time whereas Ukraine urgently needs budgetary and military assistance, as russia continues its brutal attacks on energy infrastructure and civilians. We see that sanctions work, so we need to further strengthen pressure on Russia and agree on the 20th package of sanctions as soon as possible," K. Vaitiekūnas emphasized.
The meeting will also approve Estonia's revised recovery and resilience plan (RRP) and the Council recommendation on Ireland's revised fiscal-structural plan (FSP) and discuss preparations for the G20 Finance Ministers and Central Bank Governors and IMF spring meetings.
Last updated: 10-03-2026
Related news:
S&P Global Ratings confirmed Lithuania’s credit rating
Defence bonds were distributed for EUR 80.5 million across recent issues