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Saturday, 01.11.2014, 15:14
Government approves bill on Latvia's ESM membership
The bill is yet to be reviewed by Saeima. It stipulates ratifying the Treaty Establishing the European Stability Mechanism, the procedure of obtaining authorization for voting in ESM councils. The government is expected to appoint the finance minister as Latvia's representative on the organization's board.
For Latvia to become a member of the European Stability Mechanism, the country must ratify the Treaty Establishing the European Stability Mechanism.
The European Stability Mechanism is the permanent crisis resolution mechanism for the countries of the euro area. The ESM issues debt instruments in order to finance loans and other forms of financial assistance to euro area members states.
The European Stability Mechanism was inaugurated on October 8, 2012.
According to the Treaty Establishing the European Stability, all euro area member states will become ESM members with full rights and obligations.