Bank of Lithuania and KTU Will Jointly Implement Economic Research and New Technology Projects

Important | 2017-04-19

The Bank of Lithuania and Kaunas University of Technology (KTU) – one of the largest schools of higher education in the country – have agreed on cooperation in preparing and implementing projects in scientific research, human resources and other fields. The cooperation agreement was signed by the heads of the two institutions at the Bank of Lithuania in Vilnius on Friday.

“This will be a new impetus for the research activities developed by us. With new partners from the academic world, we will seek to find answers to issues of practical nature arising from strong financial market development, to look for ways to make new financial technologies convenient, attractive and as consumer-friendly as possible”, said Vitas Vasiliauskas, Chairman of the Board of the Bank of Lithuania.

According to him, exchange of the most relevant information, scientific events, and pooled work on joint projects should create favourable environment for both new economic ideas and practically applicable innovations within the financial sector.

“The partnership of the Bank of Lithuania and KTU will undoubtedly contribute to scientific development and improved quality. Joint activities will allow involvement of high-level international researchers in economic research teams, advance the level for doctorates, increase the visibility and competitiveness of Lithuanian scientists abroad, and consolidate the potential of our science,” claimed Petras Baršauskas, KTU Rector.

The Agreement between the Bank of Lithuania and KTU provides for joint creation of scientific production, and the Centre for Excellence in Finance and Economic Research at the Bank of Lithuania will be involved in this process. The Centre was established by the Bank of Lithuania, in cooperation with Vilnius University, to promote scientific research in the fields of finance and banking. The Centre employs Lithuanian and foreign economists who have practical and academic experience.

It has been agreed that KTU will accept groups of Bank of Lithuania employees and introduce them to its activities. Meanwhile, the Bank of Lithuania will introduce to KTU employees and students the scientific activities carried out at the central bank, share knowledge, and introduce them to already-implemented technologies. KTU will inform the Bank of Lithuania about continuous study and qualification improvement programmes offered by the University. Both parties will cooperate in the improvement of study programmes and in organising internships.

The Bank of Lithuania will develop cooperation with KTU in order to achieve its defined strategic objective – improving its role as a centre of excellence in economic and financial issues. With this aim in view, the organisations’ analytical potential will be increased, research activities and repute in economic and financial areas both in Lithuania and on an international scale will be strengthened, and the distribution of economic thinking will be expanded, which should help in taking rational decisions and addressing basic economic issues.