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

Dombrovskis indicated in his speech that the European Semester was restored in order to improve the EU’s economic policy coordination, while the European Commission has been providing much more focused recommendations to the bloc’s member states.

Recommendations to eurozone countries are also issued timely so that the national governments can take them into consideration when working on their national reform plans, the European Commission vice president said.

Dombrovskis noted that the European Commission also continues work on the European Monetary Union. "It does not mean creation of new barriers in the EU. All EU members have to open in the creation of this union. It takes discipline and resolve to accomplish this," Dombrovskis said.

In his words, discipline is necessary to carry out ambitious structural reforms and implement the already adopted decisions. Resolve and openness are essential to reach a consensus among parties representing differing positions.

"A consensus can only be reached by ensuring credibility and efficiency in the existing framework, to complete work on the creation of the European Monetary Union," Dombrovskis said.