News

The Ministers of Finance of the three Baltic states discussed the economic situation in the region, euro area developments and enlargement, priorities of the Lithuania’s Presidency of the EU Council, preparations for a new period (2014-2020) of the EU structural assistance and other issues.

The Ministers of Finance of Estonia, Latvia and Lithuania Jürgen Ligi, Andris Vilks and Rimantas Šadžius stressed the importance of the membership in the euro area in ensuring the macroeconomic stability of the region and in attracting foreign direct investments. The Ministers shared the view that reforms implemented in euro area as a whole and on country level have strengthened its construction and stability. Estonia adopted single currency in 2011, Latvia plans to introduce the euro in 2014 and Lithuania is targeting euro area accession in 2015.

In recent years the economies of the Baltic states have been the fastest growing economies in the European Union. The Ministers of Finance indicated that the growth of economy and job creation will be underpinned by sound fiscal policy. During the meeting the Ministers also discussed the issues on how to ensure the quality of expenditure, stressed the need for further structural reforms in reducing unemployment, to ensure the sustainable economic growth, improve the business environment, foster innovation and to attract foreign investments.

During the meeting the Minister of Finance of Lithuania introduced the priorities of the country’s Presidency of the EU Council by emphasizing the implementation of the EU Strategy for the Baltic Sea Region. During the Presidency, Lithuania will strive to increase confidence in soundness of the EU public finances by focussing on the strengthening of the Economic and Monetary Union, further developing the legal framework for the Banking Union and by securing the 2014 EU budget adoption.

During the Lithuanian Presidency of the EU Council, the Ministers of Finance of the Baltic States will aim at concluding the negotiations on the Cohesion Policy legislative package for 2014-2020. Furthermore, the Ministers agreed on further cooperation in the development of the activities of the Baltic Innovation Fund. The Fund was established at the end of September 2012 and is designed to promote business (business angels, venture capital funds). Total size of the Baltic Innovation Fund is EUR 100 million and it consists of the contributions of  each  Baltic State (EUR 20 million each, EUR 60 million in total) and the European Investment Fund (EUR 40 million).