Culture, EU – Baltic States, Financial Services, Investments, Latvia

Janis Reirs and Michel Sapin. Riga, 27.03.2015. Photo: fm.gov.lv

The Latvian Finance Ministry informed LETA that both ministers discussed further work on the so-called Juncker's (Jean Claude Juncker – European Commission President) investment plan.

Stressing achievements of the Latvian Presidency of the Council of the European Union (EU), Reirs said that, given the originally proposed regulation, Latvia managed to develop an all-inclusive and transparent proposal for the regulation project of the European Fund for Strategic Investments, in a record short period of time.

"We managed to win support and appreciation from the entire EU. The next step is to begin negotiations with the European Parliament in order to reach a political agreement and make sure that the fund begin work as soon as possible," said Reirs.

During the meeting, ministers also focused on Greece's economic issues. Both countries agree – the Greek government must observe its liabilities and immediately implement significant measures – structural reforms to stabilize the country's economic situation. Only after the necessary reforms, the finance ministers of the eurozone will be ready to uphold a loan program for Greece.

The ministers also discussed the Paris terror attacks which shook the whole world – it is a joint war on terrorism financing. Reirs stressed that the Latvian Presidency will do everything it can in order to reach specific decisions.

Bank of Latvia President Ilmars Rimsevics also met with French Finance Minister Michel Sapin in Riga to discuss recent matters regarding the economic development of the eurozone.

Both parties also discussed the situation in Latvia's national economy, and France's achievements towards enhanced competitiveness and fiscal sustainability, the bank says in a press release.

The parties also focused on the issues related to the monetary policy measures of the Eurosystem.