EU auditors and Lithuanian Ministry of Finance hold conference on EU financial instruments in Vilnius today

Today, on 26 January, the European Court of Auditors (ECA), in collaboration with the Ministry of Finance of the Republic of Lithuania, held a conference in Vilnius on the topic of EU financial instruments.

The aim of the conference was to consider how financial instruments can best be used to provide financial support from the EU budget. The conference was an opportunity for experts from the EU institutions, practitioners and other public and private stakeholders, including start-ups, to exchange views and ideas.

Key speakers included the ECA’s Lithuanian Member Mr Rimantas Šadžius, who is also responsible for the ECA’s institutional relations, and Ms Illiana Ivanova, Dean of the ECA chamber for auditing the EU investment for cohesion and growth. The impressive line-up of speakers included Mr Vilius Šapoka and Ms Loreta Maskaliovienė (respectively Minister and Vice-Minister of Finance of the Republic of Lithuania), Mr Vazil Hudak (Vice-President of the European Investment Bank), Mr Wilhelm Molterer (Managing Director of the EFSI), and Mr Arnoldas Pranckevičius, Head of European Commission Representation in Lithuania.

Speaking at the conference, ECA Member Rimantas Šadžius said: “Financial instruments backed by EU budget have been increasing and are likely to continue to increase throughout the EU’s current multi-year financial plan. It is important therefore that the objectives are kept at the forefront of attention in designing any new ones, taking into account their potential for adding value for the citizens and for creating public goods.” Mr Šadžius added that “the future emphasis for the EU’s Cohesion policy, where the financial instruments are largely used, should be on simplification.”

ECA Member Iliana Ivanova, who was the lead Member for the ECA’s 2016 audit report on financial instruments, said: “Financial instruments together with grants play a decisive role for the shape of the future multiannual financial framework. This is why the decision-makers and financial managers in the EU should make sure to learn the lessons from past mistakes and ensure these financial instruments are implemented in the most efficient way”.

Lithuanian Finance Minister Vilius Šapoka said: “Lithuania has been a strong advocate of financial instruments since 2008. We were one of the first countries which accepted the challenge to implement EU financed financial instruments in order to improve access to finance for SMEs and promote energy efficiency. Financial instruments help us to provide effective investments, achieve leverage and ensure financial responsibility due to revolving nature of funds. Therefore I am proud to say that the use of financial instruments is constantly evolving in Lithuania.”

Mr Šapoka also thanked Mr Šadžius and the ECA for excellent cooperation in organising this important event for the stakeholders in the country and the region.

Conference's dedicated website

Conference's documentation

Facebook photo gallery

Mr Šadžius closing remarks (video)