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Eurogroup’s president expects progress on Banking Union at Vilnius meeting

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Eurogroup’s president expects progress on Banking Union at Vilnius meeting

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Eurozone finance ministers are meeting in Lithuania as they try to strengthen Europe’s banking sector.

The moves come as EU leaders have started to strike a cautiously more optimistic tone on the single currency zone’s economic health.

“A gradual economic recovery is tacking root in europe which we expect to grow firmer in the coming months and stand on a more solid footing and pick up speed in the course of next year, 2014”, EU Economic Affairs Commissioner, Olli Rehn, said.

Dutch Finance Minister Jeroen Dijsselbloem is the head of the Eurogroup, the informal body that shapes policy amongst the 17 euro members.

He said: “After having climbed in the last two years, the unemployment rate in the euro-area is now stabelized since march at around 12%, which is of course far still too high. It’s too early therefore to be complacent, we need to carry on with all our policies with resolve – and that’s what we’re going to do!”

EU officials are meeting in the Lithuanian capital, Vilnius, to make progress on a set of uniform standards to supervise banks, and rescue those that get into trouble.