- The second day of the Informal ECOFIN meeting in Vilnius benefited from the discussion on the vision of future shape of the financial system with particular attention on crisis prevention and a discussion about fight against tax fraud and evasion.
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The Ministers and Governors exchanged views on the necessary measures to ensure the stability of the banking sector and wider financial sector in the future. Besides touching the broader picture of crisis prevention and resolution, the discussion also focused on further possible reforms and policy measures to reduce financial market fragmentation and foster wider financial intermediation channels for the benefit of European economy. Brussels based think-tank Bruegel presented its ideas on the topic.
“The financial crisis has revealed a number of weaknesses in financial sector regulation therefore continuous improvement of financial sector resilience and its efficient functioning is of utmost importance. We had fruitful discussion, which contributes to our efforts to ensure the financial stability that is essential for fostering economic growth and the creation of jobs”, said Rimantas Šadžius, Lithuanian Finance Minister and Chair of the ECOFIN Council.
In the second part of Saturday’s session the ECOFIN Finance Ministers discussed the fight against tax fraud and evasion. The main focus was on recent initiatives at the EU and global level related to automatic exchange of information. The Ministers exchanged views on how actions can be better coordinated and would lead to effective global standard.
The Informal ECOFIN was attended by Angel Gurria, Secretary General of the Organisation for Economic Co-operation and Development (OECD). OECD is making progress in developing a global model of automatic exchange of information which they expect to complete in 2014.
“World leaders give high priority to the fight against tax fraud, tax evasion and aggressive tax planning. This is also one of the key priorities of Lithuanian Presidency. Our main challenge is to continue the progress in development of automatic information exchange system in the EU and coordinate it with the OECD progress”, Finance Minister Rimantas Šadžius said.