Vilius Šapoka, the Minister of Finance: the capital markets union is beneficial for all countries of the EU

Yesterday 8 countries of the EU have expressed united position on creation of the single capital markets union. It will contribute to sustainable growth of economics, stability of the financial system and diversity of sources for funding of business within the EU. The statement has been signed by the ministers of Demark, Estonia, Finland, Ireland, Latvia, Lithuania, Sweden and the Kingdom of the Netherlands.

“The capital markets union of is beneficial for all citizens, investors and companies of the EU. It is the most important step in attracting investors, creation of better conditions for business development, increase of funding opportunities and creation of well-paid job places, thus increasing added value of the economics,“ Vilius Šapoka, the Minister of Finance, said.

The Capital Markets Union Actions Plan shall facilitate in creation of the single capital market in all 28 states of the EU. It is important to work purposefully and to distinguish measures with the greatest impact on the plan – a review of the legal regulation of investment firms, promotion of the covered bonds and sustainable finance. Also, to use opportunities ensured by financial innovations in providing better and more convenient financial services for consumers and business.

Efficient supervision of financial markets and review of the system is one of the priorities in creation of the sustainable capital market union. Creation of the union is also influenced by national reforms. Ministers of 8 countries of the EU highlight importance of technical assistance of the European Commission in development of national capital markets.