International Internet Magazine. Baltic States news & analytics
Saturday, 04.02.2012, 06:33
EU fiscal compact ready to be signed
03.02.2012The new Treaty on Stability, Coordination and Governance in the Economic and Monetary Union was finalised by all EU member states with the exception of the United Kingdom and the Czech Republic on 2 February, 2012. It is expected to be signed by March 2012.
Keyword tags: Banks, Budget, EU – Baltic States, Financial Services, Legislation
In Latvia 2011 budget deficit stood at 4% of GDP
03.02.2012The budget deficit in 2011 was at 4% of gross domestic product, if calculated pursuant to the European account system methodology, according to Latvian Finance Ministry's preliminary estimate.
For a small Estonia on the periphery with Russia, being a member of the European core is very valuable
03.02.2012A little more than a year ago, Estonia adopted the euro – at a time when the Greek crisis, and the Irish, Spanish, Portuguese, and Italian crises, were exposing the common currency’s weaknesses. Today, Estonia's economy is the fastest-growing in the currency bloc, consumers and businesses are paying lower interest rates, and business ties with Finland – a euro member state and Estonia's main trading partner – are tighter than ever, the Bloomberg Businessweek reports.
Commission: renewable energy sources should account for 20% of the bloc’s total energy demand
03.02.2012The European Commission (EC) is fond of saying how important wind is as a renewable energy source – but critics says its words are not matched by funding, the EU Observer informs.
Godmanis: talks on reduction of EU multi-annual budget under way
03.02.2012The talks on the reduction of the European Union's multi-annual budget for 2014-2020 started at the end of January 2012 and are currently in progress, European Parliament Member Ivars Godmanis pointed out during today's session of the Saeima European Affairs Committee.
Latvia wants achieve 80% average level of EU direct payments
Latvia wants to achieve 80% of the average level of EU direct payments for its farmers, Agriculture Minister Laimdota Straujuma said in an interview with the LNT morning show "900 sekundes" today.
Ukio bankas clients bought in e-shops two times more often in 2011
In 2011 Ukio bankas went on active expansion of e-shops where it is possible to pay via Eta bankas list and gained growing interest of its clients in this service, Ukio bankas said. Last year number of settlements of Ukio bankas clients in e-shops via Eta bankas increased by 70% and turnover grew 2.3 times.
UniCredit will remain in the Baltics
Italy's UniCredit Bank that enjoys a strong presence in Central and Eastern Europe but a limited exposure in the Baltics has been recently speculated to be a likely candidate to sell its regional business, balticbusinessnews.com reports.
Borg in Tallinn: Swedish banks should treat Baltic States as their homeland
Swedish finance minister Anders Borg during his visit to Tallinn yesterday had a meeting with the Estonian finance minister Jürgen Ligi; Borg stated that the large Swedish banks should behave in Estonia and other Baltic states as if it was their home, the Estonian news portal BBN reports referring to Eesti Päevaleht daily.
Estonian stabilization reserve increased by 12.8 mln euros at end-2011
As of the end of 2011, the Estonian stabilisation reserve volume was 328.8 million EUR in acquisition value and 333 million EUR in market value, LETA/National Broadcasting reports.
Citadele bank included in the inter-banking interest rate indices RIGIBID and RIGIBOR
The Bank of Latvia has included the Citadele Bank in the inter-banking interest rate indices RIGIBID and RIGIBOR. Since February 2012, transactions conducted by Citadele in terms of borrowing or lending money to other banks will influence the indices of the money market for lats, because Citadele is an active participant in the marketplace.
Estonian government approves of ESM foundation agreement
The Estonian government approved at its Thursday session of the European Stability mechanism (ESM) foundation agreement and gave authorities to Estonia's permanent representative to the EU Matti Maasikas to sign the agreement, LETA/National Broadcasting reports.
Demographer: Latvia first in Europe in terms of how little money the state spends on families
Presently Latvia is the number one country in Europe in terms of how little money the state spends on families with children, only 1% of the gross domestic product, compared to 2-3% in other countries, demographer Ilmars Mezs said in an interview on LNT television this morning.
Employers' Confederation: higher minimum monthly wage cannot serve as instrument to combat shadow economy in Latvia
It is necessary to consider increasing the minimum monthly wage, however, it will not serve as an instrument for combating shadow economy, Latvian Employers' Confederation Director General Liga Mengelsone points out in an interview with the Nozare.lv business portal.
Estonian government strengthens its positions in Unemployment Insurance Fund
The Estonian government approved on Thursday of a draft law initiated by the Riigikgu social committee that aims to guarantee required activities of the Unemployment Insurance Fund (UIF) in a satiation where the fund's council lacks quorum to make decisions, LETA/National Broadcasting reports.
The europact: outcomes for the Baltic States 
