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The economic and finance ministers of the European Union arrived at the Conference Centre Kirchberg for the meeting of Economic and Financial Affairs Council (ECOFIN) in Luxembourg, Tuesday. The main topics of the meeting are the functioning of the Single Resolution Board (SRB) and the so-called bridge financing for the Single Resolution Fund (SRF). The ECOFIN ministers have already met earlier in June to discuss these measures and called on EU member states to complete transposition and ratification measures at a national level. According to the Finance Minister of Lithuania Rimantas Sadzius, at the moment it is "unclear" how ECOFIN ministers will manage to ensure this bridge financing from January 1. "I think the overwhelming majority of countries is in favour that in perspective this should be European Stability Mechanism. I think the only question is how we shift from today to the ESM," he said. The SRF and SRB are components of a single resolution mechanism (SRM) aimed at ensuring the orderly resolution of failing banks. Established by a regulation in July 2014, the SRM will be applicable from 1 January 2016.
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