Video PlayerClose

TALLINN, Sept. 15 (Xinhua) -- EU economic and finance ministers and central bank governors stressed the role of the economic and monetary union for the strength of the entire European Union (EU).

Participants at the first day of the informal meeting of the EU ministers believe that better utilising the potential of the economic and monetary union is one of the most important aspects of the EU's future, Estonian Finance Minister Toomas Toniste said at a press conference.

"All 28 member states are interested in a strong economic and monetary union and a well-managed fiscal policy, especially in these times of strong economic growth in Europe," he noted.

The ministers acknowledged new solutions and services of the financial innovation, which needs to be regulated but not over-regulated, he said, referring to the need to minimize the risks connected with financial technology (Fintech).

The Fintech field is currently too small to pose a risk to financial stability, however, the fast growth of financial technology brings along the need to map the risks that come with it and form common positions in the EU, said Ardo Hansson, the governor of the Estonian central bank Eesti Pank.

"Eesti Pank also added Fintech to its strategy as a priority area in the coming years," he noted.

Vitor Constancio, vice-president of the European Central Bank, highlighted the need to make EU governance more efficient and transparent, as well as the structural reform.

Valdis Dombrovskis, European Commission vice-president for the euro and social dialogue, stressed the need to modernize, as well as the physical stabilization function of the European monetary union.

The two-day informal meeting of EU economic and financial affairs ministers is to discuss financial and tax issues related to innovation and the digital economy, one of the priorities of the current Estonian Presidency of the Council of the EU, the rotating six-month position the country assumed in July.