European Union (EU) finance ministers are set to discuss the future development of the banking union and economic growth in Vilnius, capital of Lithuania, on Sept. 13 and 14.

"The informal economic and finance (ECOFIN) ministers' meeting in Vilnius will be one of the key events of the Lithuanian Presidency," said the Lithuanian Finance Minister Rimantas Sadzius, Chair of the Informal ECOFIN meeting, in a written statement.

"Our goal is to turn the constructive discussion into real decisions in the nearest future," Sadzius added.

The ministers are set to debate on "ensuring the financial stability of Europe on a sustainable basis, on fostering access to finance for SMEs and other important questions," said the statement.

The ministers are also expected to "search for common answers to continue moving forward in developing a credible, growing and open Europe."

During a working lunch on Friday, the EU finance ministers and central bank governors will have the opportunity to discuss the Single Resolution Mechanism (SRM), one of the key elements of the banking union, for the first time at the ECOFIN level, said Sadzius.

The Lithuanian Presidency is concentrating its efforts on reaching Council agreement on the proposal for the implementation of the SRM in order to have started negotiations with the European Parliament by the end of this year, he added.

On Sept. 14, the meeting will be dedicated to financial stability and tax-related topics. EU officials will share their views on the future shape of the European financial system.

Sadzius together with EU commissioners Michel Barnier and Algirdas Semeta are expected to attend a press conference as the meeting is concluded on Sept. 14.