bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Friday 23.02.2018 | Name days: Haralds, Almants
LatviaLatvia

Dombrovskis: Latvia's place is at the core of Europe

FaceBook
Twitter
Draugiem
print
(+1 rating, 1 votes)

Valdis Dombrovskis

Joining the euro in 2014 remains one of Latvia’s strategic goals as it recovers from the economic crisis. Latvia still intends to play its full part as a core member of the European Union, its PM Valdis Dombrovskis writes in an article published in Public Service Review: European Union.

“In 2008, when Latvia became the worst hit victim of the global economic crisis. The Distinguished American economist Paul Krugman famously said that “Latvia is the next Argentina”, meaning, in his opinion, the inevitable default of the small Baltic state,” he says.

Dombrovskis points out that now after three years, Latvia’s economy is back on track and in better shape than many other European Union countries.

Credit ratings of many European countries are downgraded and more countries need financial assistance, while Latvia’s accomplishments in restoring financial stability are praised, he says.

“Currently, Latvia is one of the most rapidly growing economies in the EU. In 2011 GDP grew by more than 5 per cent. Production has already reached the pre-crisis level, while exports exceed it. Gradually development can be felt in a real income growth of the population. Unemployment is decreasing gradually; more than 56,000 employees found jobs last year.”

According to Latvia PM, the main task is to ensure constant growth of Latvia’s competitiveness.

“The business environment has to be improved and the productivity of labour must continue to grow along with the added value they produce. Resources of the EU funds should be used effectively, not only to rehabilitate the infrastructure but also to support business activities. Positive indications have been observed already – Latvia has become the Baltic leader in the World Bank’s Doing Business index by scoring 21st place in 2011.”

Dombrovskis stresses that adoption of the euro in 2014 remains one of Latvia’s strategic goals.

“This choice is obvious since the Latvian lats is already pegged to the euro and we have all the disadvantages of the euro without any of the advantages. We have carefully studied the experience of our neighbour and the newest member of the eurozone, Estonia, and it is clear that the introduction of the euro has served as a positive stimulus for the economy, fortifying the confidence of markets and motivating investors to create more new jobs,” he says.

Ref: 105.105.105.1309


Leave a reply

  1. Tom says:

    Yeap, go for it and look forward to the future like Greece, spain and portugal! Total tosser, what right does he have, the people of Latvia don’t want it.

    Thumb up 0 Thumb down 0

  2. the truth says:

    lies,lies,lies…………..not a single Latvian citizen wants this……….

    Thumb up 0 Thumb down 0

  3. one voice says:

    Valdis Dombrovskis you are a total pompous prick! you dont speak for anyone in latvia apart from yourself. We dont want the Euro and we don’t want you in government. Its about time the people of Latvia stood up for themselves and put a stop to this ever happening.

    Thumb up 0 Thumb down 0

  4. Andis says:

    Oh my this PM lives in gaga land.

    Thumb up 0 Thumb down 0

  5. Dragor says:

    Hey PM have you read this ; Mind you I doubt if you can even read!

    The eurozone debt crisis could lead to the break-up of the single currency and trigger a slump to rival the Great Depression, a leading global watchdog said yesterday.

    In its flagship World Economic Outlook report, the International Monetary Fund warned that the collapse of the euro could not be ruled out if a country quits the stricken currency.

    It was the first time the Washington-based institution has accepted the prospect of the euro breaking up and came amid mounting fears over the health of Spain

    Thumb up 0 Thumb down 0

    • hm says:

      ull see that them news not gonna show up in Latvia media at all …or they will,just in completely different context………

      Thumb up 0 Thumb down 0

  6. Davis says:

    Latvian lats is already pegged to the euro. how does Latvia separate the lats from euro? My best interest the lats should stand alone maybe a referendum ?

    Thumb up 0 Thumb down 0

  7. Erik says:

    The only things politics do not tell you is Latvia will join the euro after a severe devaluation .One lat for one euro is the most likely.

    Thumb up 0 Thumb down 0

  8. jj says:

    What extraordinarily stupid comments!

    The people of Latvia do want the Euro.
    The people of Latvia did vote for Dombrovskis.
    Joining the Euro will not mean devaluation.

    What long-term future does Latvia have outside the Euro? None.

    Thumb up 0 Thumb down 0

    • rod says:

      Oh jj stupid are we…? I think not. The people of Latvia did not vote for Dombrovskis all elections here are fixed, You obviously are another twit that works in government!!

      Thumb up 0 Thumb down 0

  9. Sole says:

    Hey Valdis Dombrovskis reading these comments looks like you have “1” supporter in Latvia! well done….hope you did not cheat!

    Thumb up 0 Thumb down 0

  10. Tasmin says:

    Latvia, Russian style democracy, a fraud. Join the CIS.

    Thumb up 0 Thumb down 0

  11. ??? says:

    everything what is not Dambrovskis or EU in Latvia-is presented as Russian conspiracy and all bad is Russian fault ………. WTF?

    Thumb up 0 Thumb down 0

  12. the truth says:

    u see our PM is organizing nonsense referendums ,2 take all the attention away from real stuff that matters-like joining eurozone and change Latvian money currency 2 euros,fiskal treaty………..he is keepin Latvian people pretty much in the dark about all that,no1 knows here in LV what is fiskal treaty,what future gonna bring us joining eurozone and losing our money currency……can some1 help us and save us from this madman from pushing us deeper Into this EU ‘abyss…….cause in Latvian media he is only advertising all these-EU rivers of honey and EU paradise…but when u read all these foringer news about real situation in EU its pretty much clear that he is all the time lying 2 Latvian people…………

    Thumb up 0 Thumb down 0

  13. lelde says:

    i think most comments here are left by utter prats who dont follow any political and economical news.

    Thumb up 0 Thumb down 0

  14. Tom says:

    I think, if we didn’t follow political and economic views, one would not comment on them…don’t you agree. The views are strong that people make, I’m afraid their views fall on deaf ears!

    Thumb up 0 Thumb down 0

  15. jj says:

    Lelde really is correct.

    If the majority of people in Latvia really do agree with most of the other views written on here, then Latvia is finished and it will end up being back as part of Russia.

    Thumb up 0 Thumb down 0

  16. hey jj says:

    …….why it has 2 be EU or Russia ????????????????? Why it cant be just only LATVIA?????????????????????????

    Thumb up 0 Thumb down 0

Baltic States ask European Commission to maintain EU Cohesion Fund financially strong

Baltic finance minister ask the European Commission to keep the European Union’s Cohesion Policy financially strong and aim it towards results, BNN was told by Finance Ministry.

Police commence investigation on possible money laundering schemes at ABLV Bank

Latvia’s State Police has commenced an investigation about the possible money laundering operations at ABLV Bank, which were reported by Financial Crimes Enforcement Network (FinCEN) US Department of Treasury.

S&P Global affirms Latvia’s credit rating at «A-»

On Thursday, 22 February, S&P Global reaffirmed Latvia’s credit rating on the «A-» level, retaining a positive outlook for the future, as BNN was informed by the State Treasury.

Kristovskis: state officials should be equally strict to Lembergs and Rimšēvičs

«Lack of consistency – such a conclusion appears after looking at the behaviour of state officials in regards to their request for Ilmārs Rimšēvičs’ to step down as governor of the Bank of Latvia,» says Ventspils City Council member Ģirts Valdis Kristovskis.

LSRTC: Zaķusala TV Tower’s reconstruction will cost several dozen million euros

According to chairman of Latvia’s State Radio and Television Centre (LSRTC) Jānis Bokta, reconstruction of Zaķusala TV Tower will cost several dozen million euros.

Trade union worried teachers may not have time to prepare for new education content

Teachers may not have enough time to prepare to work with new education content, said manager of Latvian Education and Science Workers' Union Inga Vanaga in an interview to Rīta Panorāma programme of LTV.

Judins, Loskutovs, Čigāne and Dālderis to continue working in Unity’s faction

Saeima members Andrejs Judins, Aleksejs Loskutovs, Lolita Čigāne and Ints Dālderis will continue working in Unity’s faction and coalition.

Saeima supports member’s proposal to publish wages of Bank of Latvia employees

Latvia’s parliament has decided to support Ints Dālderis’ proposal to publish wages paid to employees of the Bank of Latvia, education institutions, as well as municipal capital associations.

More snow expected on weekends; air temperature to drop even more next week

On the night to Friday, 23 February, air temperature in most of Latvia declined to -21° C… -27° C. It was only warmer in Kurzeme and some parts of Vidzeme, as reported by Latvia’s State Environment, Geology and Meteorology Centre.

SEB Bank: more employment options will open up and workers will become more selective

«It is becoming easier to change jobs nowadays. The largest selection of employment options are found in regional centres and cities, especially Riga and Pieriga. We see fewer employment options in regions even though there is still considerable demand for workers there,» predicts SEB Bank’s macroeconomics expert Dainis Gašpuitis.

ABLV Bank’s manager claims the bank is ready for cancellation of payment restrictions

ABLV Bank is ready for cancellation of payment restrictions, said the bank’s chairman Ernests Bernis during a press-conference on Thursday, 22 February.

62.9% of Latvia’s population was employed in 2017

Compared to the year before, in 2017 employment rate grew by 1.3 percentage points and number of employed persons by 1.5 thousand. Employment rate among men grew faster than among women – by 1.6 percentage points and 1.0 percentage points, respectively. 894.8 thousand people or 62.9 % of Latvia population aged 15–74 were employed in 2017.

Lithuania and Latvia: the tale between two sisters marked with rivalry

Relations between Lithuania and Latvia, two tight-knit Baltic neighbours, may exemplify a sisterly relationship from the first sight, but just over the course of a single week, several pings rang, signalling that rivalry is, and has always been, a component of coexistence.

Lembergs unable to organize his private life because of intense court proceedings

Lembergs unable to organize his private life because of intense court proceedings

Unemployment level in Latvia decreased to 8.7% in 2017

85.4 thousand people aged 15–74 in Latvia were unemployed in 2017. Compared to 2016, the number of unemployed persons has dropped by 9.9 thousand or 10.4 %.

Council member: ECB is openly dissatisfied with restrictions imposed on Rimšēvičs

The European Central Bank (ECB) is openly dissatisfied with restrictions imposed on one of its council members – governor of the Bank of Latvia Ilmārs Rimšēvičs, said council member of the Bank of Latvia Edvards Kušners in an interview to 900 seconds programme of LNT.

Defence expenditures in Latvia planned at EUR 234 million in 2018

Latvian government plans to spend EUR 234 million on defence projects, including procurement of transports, ammunition, armaments and individual equipment, in 2018 as confirmed by Defence Ministry.

Ministry cancels mandatory procurement component permits for five CHP plants

Latvia’s Economy Ministry has made a decision to cancel the permit to sell electricity within mandatory procurement component for five other renewable energy co-generation plants plants: SIA Madonas Eko, SIA Eiro-Āzijas investment agency, SIA EVOKEM, SIA M Parks, and SIA Eco Latvis.

NSC proposes Maizītis for a second term as Chief of Constitution Protection Bureau

Members of Latvia’s National Security Council have decided to propose the current head of the Constitution Protection Bureau Jānis Maizītis for another term at the helm of this institution, as BNN was informed by the State President’s Chancellery.

Latvijas gāze’s subsidiary Gaso proposes reducing gas transmission price

Latvijas gāze’s subsidiary Gase has turned to Public Utilities Commission with a proposal for a new natural gas transmission system service’s tariff project, providing for a reducing gas transmission price by 18-46% for more than 95% gas consumers.

FCMC invites Bank of Latvia to provide ABLV Bank with yet another emergency loan

The Finance and Capital Market Commission (FCMC) has invited the Bank of Latvia to issue ABLV Bank another emergency loan.

Crime rate in 2017 was the lowest in Latvia’s history

Last year’s crime rate turned out the lowest in Latvia’s history, as reported by Prosecutor General Ēriks Kalnmeiers in his annual report.

LEC: government priorities should include searching for causes and solutions, not the guilty

Latvian Employers’ Confederation (LEC) is worried about ongoing events and their negative effect on the stability and future development of the country’s economy. LEC believes that stabilization of the financial situation requires careful coordination of actions between institutions and the government.

Producer price level in Latvia grew 0.9% in January

Compared to December 2017, level of producer prices in Latvian industry rose by 0.9 % in January 2018. Prices of products sold on the domestic market went up by 1.2 % and prices of exported products by 0.6 %.

Latvian President believes country’s financial system is stable; prime minister plans to report to European Council

«Latvia’s financial system is stable, and there is no reason to worry about possible instability of the banking system. Banks continue working as usual,» says the President of Latvia Raimonds Vējonis.