10-04-2024

Finance Vice-Minister: the digital euro could contribute to strengthening the integration of the European single market

Vice-Minister Vaida Česnulevičiūtė – Markevičienė attended the “Baltic Payment Forum”, where she delivered a warm welcome to all participants and shared her valuable insights. "It is through open dialogue, collaboration, and a shared vision that we can effectively navigate the complexities of the payments landscape and unleash the full potential of our economies," says Vice-Minister Vaida Česnulevičiūtė – Markevičienė.

Lithuania shines as a prominent FinTech hub in the region, celebrated for its innovative regulatory framework and bustling ecosystem of startups and established entities. Our steadfast dedication to innovation and financial stability has solidified our reputation as a trusted ally for companies venturing into the European market.

The rise of instant payments across Europe underscores Lithuania's leadership in this domain. In Lithuania already 60% of all payments are instant payments, while the EU is averaging 15%. Emphasizing the criticality of competitive and dependable instant payment services, the Vice-Minister underscores the urgency for new regulations to fortify safety and trust, including IBAN checks within both existing and forthcoming regulation.

Moreover, the digital euro emerges as a pivotal force in Europe's digital evolution, providing secure access to central bank money amidst the expanding digital landscape. Beyond this, its potential to bolster the international standing of the euro and fortify Europe's strategic autonomy by offering an alternative to external payment providers, achieving the objectives of Europe's open strategic autonomy in payments, fostering competition, innovation and further integration of the European Single Market cannot be understated.

Read the full speech of the Vice-Minister of Finance from the „Baltic Paymen Forum“ here.