Economics, EU – Baltic States, Financial Services, Latvia

Edgars Rinkevics and Michael Georg Link. Riga, 15.05.2012. Photo: flickr.com

During the meeting, the two sides discussed Europe’s future and current economic and financial topics.

The ministers shared the opinion that Europe’s economic growth cannot not be financed by new debt. A way must be found to promote smart growth.

Link pointed out that Germany appreciates what Latvia has accomplished. He said that Latvia’s example demonstrates that consolidation and pursuing the policy of financial discipline can facilitate a return to economic growth in a country.

As the parties discussed current matters of euro-zone development and stabilization, Rinkevics recognized that Latvia has good prospects of fulfilling the euro-zone's entrance criteria. He said that support from Germany is important so that the current situation in the euro-zone would not hinder the introduction of the euro in a country which wishes to join and meets all the criteria. Rinkevics also emphasized how vital it is for Latvia to achieve a fair system of direct payments in the European Union’s new budget framework and keep Cohesion funding at least at the current level.

The ministers also praised bilateral cooperation between Latvia and Germany, and the dialogue of both countries on the European level. At the conclusion of the discussion, Rinkevics invited Link to take part in the ''Riga Conference'' this September.