Economics, EU – Baltic States, Financial Services, Latvia, Legislation

Valdis Dombrovskis and Lithuanian president Dalia Grybauskaite. Brussels, 25.03.2011. Photo: president.lt

In the area of economic policy, the Heads of State and Government agreed on a set of comprehensive measures aimed at retaining financial stability and promotion of growth. Within the framework of the European Council, the”Euro-Plus-Pact was adopted. Closer coordination of economic policy for competitiveness and convergence.” Within the framework of the discussion, Prime Minister V.Dombrovskis confirmed Latvia’s readiness to join the pact like the most non-eurozone countries. Latvia supports the initiatives, which promote the stability and competitiveness of the eurozone and considers that the issues relating to the future of the eurozone are important for all EU Member States and should be addressed by all Member States., informed BC Evelīna Melbārzde, Press Secretary to Prime Minister and Permanent Representation of the Republic of Latvia to the EU.
 

The agreement was reached on the priorities of structural reforms and fiscal consolidation and a final decision was made on the amendments to the Lisbon Treaty to develop the European Stability Mechanism. They discussed the strengthening of the European financial stability and the work on draft legal acts in the area of economic governance.

Latvia considers that all countries should implement the measures of fiscal consolidation and measures aimed at prevention of macroeconomic imbalances. Likewise, also the structural reform measures should be implemented to promote the employment and social inclusion. They should be determined according to individual situation of each country, also Latvia’s.

In view of the situation in the southern neighbouring region of the EU, the EU leaders confirmed their readiness to support the countries which are capable and willing to start political and economic reforms within the framework of the program”Partnership for Democracy and Shared Prosperity”, providing the support for implementation of democratic reforms by emphasizing the support to civic society and promoting sustainable development and economic growth.

Latvia supports the EU initiatives in the Mediterranean region, at the same time stressing that the European Neighbourhood Policy should provide for a balance between the South and the East.  Latvia also supports the need to strengthen the capacity of the boarder control, migration control and the asylum system of the countries of the Mediterranean region, as well as need to encourage the cooperation in the area of rights protection.  

In view of Japan’s request for the European countries’ assistance in liquidation of damage caused by the earthquake, the Heads of State and Government of the EU countries also decided on the possible forms of assistance and discussed the energy and economic aspects. The EU leaders agreed on the necessity to set the highest standards to ensure nuclear safety in the EU and its neighbouring countries.