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

The European Commission indicates that Latvia's plan fully complies with the Stability and Growth Pact, placing Latvia among countries like Germany, the Netherlands, Luxembourg, Ireland, and Slovakia.

Latvia, as a member of the eurozone, must prepare and submit a plan to the European Commission and Eurogroup every year before October 15, listing the main next year's budget forecasts – income, expenses, deficit, national debt, state budget, municipal budget, etc.

As reported, the Latvian government approved its updated draft budget plan in an emergency meeting on November 22 and submitted it to the European Commission and Eurogroup.

However, the Commission later requested 11 countries, including Latvia, to make the necessary adjustments to their 2015 budget plans, so that they are in accordance with EU regulations on fiscal discipline.