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

The European Commission points out the budget plans submitted by Germany, Ireland, Luxembourg, the Netherlands and Slovakia are in accordance with EU regulations on fiscal discipline.

Meanwhile, Estonia, Slovenia, Finland and Latvia submitted plans which are ''mostly'' in accordance with regulations on fiscal discipline, while Belgium, Spain, France, Italy, Malta, Austria and Portugal have submitted budget plans with risks that they could not live up to fiscal discipline regulations.

Because of this, the EC was requested these 11 eurozone countries, including Latvia, to carry out all the necessary adjustments in their budget plans, so that they are in accordance with EU fiscal discipline regulations.

As reported, the government approved the updated draft budget plan in an emergency meeting on November 22. The said draft stipulates that the deficit cannot be greater than 1% of GDP.

The document foresees that the economic growth of Latvia is expected to be 2.8% in 2015, inflation – 2.4%.