Commission supports deepening and integrating capital markets in the Baltics

Valdis Dombrovskis, Vice-President for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Markets Union, will today attend the signature of a Memorandum of Understanding (MoU) between the Ministers of Finance of Estonia, Latvia and Lithuania, to develop a regional capital market in the Baltic states. The agreement identifies areas of cooperation, and the three Member States commit to reforms that will increase the capacity of financial markets and bring economic growth. The European Commission’s Structural Reform Support Programme (SRSP) and the European Bank for Reconstruction and Development (EBRD) will support this agreement, such as in the first project under the agreement, the creation of a legal framework for a pan-Baltic covered bond. Vice-President Dombrovskis said: “I welcome today’s agreement – it is another step on the road to creating a Capital Markets Union. The Commission fully supports regional initiatives to facilitate cross-border investments and integrate Member States’ capital markets. Our Structural Reform Support Service stands ready to step up its support for reforms that modernise economies, strengthen competitiveness, and encourage investment.” The signature ceremony will take place at 14:00 CET in the margins of the Eurogroup meeting and a video recording will be available here. Following the event, see the press release here.