European integration forges ahead with closer cooperation in the banking sector amongst EU Member States. From the Lithuanian perspective, the Presidential advisers have communicated that through analysis about this cooperation is required, despite the country’s support for continuous and deeper integration

In this regard, Mrs. Jovita Neliupsiene, head of the foreign policy group and adviser to President Dalia Grybauskaite, explained that the prospective EU banking union will be discussed in depth at upcoming EU summits in October and December.

The government officer highlights that “discussions on potential deeper cooperation in the banking sphere, a single supervision mechanism, common deposit protection and a single bank resolution mechanism are ongoing. It will be the topic of the EU summits in October and December. Is it acceptable for Lithuania? It’s important for Lithuania that the eurozone solves its problems, ” the adviser explained.

Mrs. Neliupsiene expects vigorous debates, considering the fact that it could quite difficult that all 27 EU Member States readily agree and unanimous would support such union, especially if one takes into account the historical skeptical attitude of the United Kingdom in such matters.

She further commented that “the proposals on deeper banking integration are, first of all, designed for the eurozone. Other Member States are also invited to join voluntarily. Therefore, we should talk about the eurozone, and not the EU, bearing more resemblance to a federation. We are of a position that it’s better for Lithuania to take part in deeper EU integration but the expedience of our every concrete step will have to be evaluated separately,” adviser Neliupsiene concluded. It is expected that the Jose Manuel Barrose, the President of the European Commission (EC), will present the banking union blueprint in Brussels on the eve of the October 18-19 EU summit.

Lithuanian President, Dalia Grybauskaite is expected to attend the summit.