Parliamentary Secretary at the Ministry of Finance: financial services reflect the real economic and geopolitical situation

On April 22, within the framework of the Latvian Presidency, a meeting of the Working Party on Financial Services of the European Union (EU) is taking place in Riga. At the meeting, high-level field experts will give an insight about current issues related to financial services.

“Financial services are constantly changing and evolving, as well as reflecting the real economic and geopolitical situation. Therefore, there is a need to seek better and safer solutions for customers and markets,  noted Parliamentary Secretary to the Ministry of Finance Arvils Ašeradens at the opening of the meeting.

Arvils Ašeradens also thanked all participants for their active cooperation with the Latvian Presidency. It has resulted in a political agreement on the proposal for the regulation on interchange fees. The Presidency has been able to move further also with the important and complex issues of banking structural reforms.

At the beginning of the year, a general approachto the Benchmark Regulationwas successfully approved, and the Presidency stands ready to start negotiations with the European Parliament in the near future. In turn, the Insurance Mediation Directive and the Payment Service Directive, both are currently at the trialogue phase, with negotiations among the European Parliament, the European Commission and the Council of the EU.

“During our Presidency we are moving further fast to successfully accomplish the files till the end of the Presidency,  emphasised the Parliamentary Secretary at the Ministry of Finance.

Meetings of the Working Party on Financial Services take place every six months in the country holding the presidency. It brings together attaches and experts from the EU Member States in the field of financial services.