EU fi­nance min­is­ters eye stronger eco­nomic, mon­e­tary union

Iran Daily - - Tse & Global Economy -

EU eco­nomic and fi­nance min­is­ters and cen­tral bank gov­er­nors stressed the role of the eco­nomic and mon­e­tary union for the strength of the en­tire Euro­pean Union.

Par­tic­i­pants at the first day of the in­for­mal meet­ing of the EU min­is­ters be­lieve that bet­ter uti­liz­ing the po­ten­tial of the eco­nomic and mon­e­tary union is one of the most im­por­tant as­pects of the EU’S fu­ture, Es­to­nian Fi­nance Min­is­ter Toomas Ton­iste said at a press con­fer­ence, ac­cord­ing to Xin­hua.

“All 28 mem­ber states are in­ter­ested in a strong eco­nomic and mon­e­tary union and a well-man­aged fis­cal pol­icy, es­pe­cially in these times of strong eco­nomic growth in Europe,” he noted.

The min­is­ters ac­knowl­edged new so­lu­tions and ser­vices of the fi­nan­cial in­no­va­tion, which needs to be reg­u­lated but not over-reg­u­lated, he said, re­fer­ring to the need to min­i­mize the risks con­nected with fi­nan­cial technology (Fin­tech).

The Fin­tech field is cur­rently too small to pose a risk to fi­nan­cial sta­bil­ity, how­ever, the fast growth of fi­nan­cial technology brings along the need to map the risks that come with it and form com­mon po­si­tions in the EU, said Ardo Hans­son, the gover­nor of the Es­to­nian cen­tral bank Eesti Pank.

“Eesti Pank also added Fin­tech to its strat­egy as a pri­or­ity area in the com­ing years,” he noted.

Vi­tor Con­stan­cio, vice pres­i­dent of the Euro­pean Cen­tral Bank, high­lighted the need to make EU gov­er­nance more ef­fi­cient and trans­par­ent, as well as the struc­tural re­form.

Valdis Dom­brovskis, Euro­pean Com­mis­sion vice pres­i­dent for the euro and so­cial di­a­logue, stressed the need to mod­ern­ize, as well as the phys­i­cal sta­bi­liza­tion func­tion of the Euro­pean mon­e­tary union.

The two-day in­for­mal meet­ing of EU eco­nomic and fi­nan­cial af­fairs min­is­ters is to dis­cuss fi­nan­cial and tax is­sues re­lated to in­no­va­tion and the dig­i­tal econ­omy, one of the pri­or­i­ties of the cur­rent Es­to­nian Pres­i­dency of the Coun­cil of the EU, the ro­tat­ing six-month po­si­tion the coun­try as­sumed in July.

Newspapers in English

Newspapers from Iran

© PressReader. All rights reserved.