The lack of financing to small and medium enterprises was one of the most urgent issues which should be addressed in the EU-wide financial system, Finance Minister Edward Scicluna said.

Prof. Scicluna was speaking at the end of a two-day informal Council of Ministers meeting held in the Lithuanian capital Vilnius.

Though recent economic data about Malta’s outlook was positive, the fiscal policy stance both in Malta and in the EU should not be changed, the minister said.

European finance ministers also discussed the necessary measures to ensure the stability of the banking sector as well as other reforms to prevent and absorb any future shocks to the financial sector. There was also a discussion on the recent initiatives at EU and global level related to automatic exchange of information to combat tax fraud and evasion.