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Sunday 24.06.2018 | Name days: Jānis
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European Parliamentary Committee supports Latvia's endeavours to join Eurozone

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOn June 24, 2013, the European Parliament’s Economic and Monetary Affairs Committee approved of Latvia’s endeavours to join Eurozone on January 1, 2014, as reported by the press-secretary of the European Parliament’s Information Office Marta Ribele.

Deputies of the committee have praised Latvia’s efforts and results. Nonetheless, the committee has advised Latvia to strengthen economic management and reduce shadow economy. Deputies have also noted that Latvia’s high energy dependence puts the country’s price stability at risk.

European authorities believe Latvia should try harder to avert the flaws of its job market and reduce poverty in the country, as well as the growing financial inequality. The government should also address the matter regarding the stability of the banking sector, especially regarding the banks that have a high proportion of non-residents’ deposits.

It is stated in the reports that Latvia’s prices are largely dependent on the fluctuations of product prices, especially on the energy market. The real problem is that Latvia procures much of its needed energy from a single external supplier. The committee believes that it is necessary to differentiate the energy supply.

It should be added, however, that the European Parliament has a more of a consultative role in the evaluation of member states’ preparedness to join Eurozone.

It was previously reported that the final decision regarding the resolution will be made on the next plenary session in Strasbourg (starts July 1). Debates on this matter will be held on July 2. The final vote will take place on July 3.

It is noted in the draft of the resolution that Latvia complies with all of the Maastricht criteria and that much effort has been invested in achieving this result.

The report also references the convergence report of the European Central Bank. This reports states concerns over the sustainability of Latvia’s economy in a long-term perspective.

It is stated in the draft of the resolution project that Latvia should be careful in its fiscal policy, avoid any potential future macroeconomic inequality and price stability risks. Latvia is also encouraged to continue the information and communication campaign in order to inform Latvian residents about the advantages of the united European currency. According to information from Eurobarometer, residents are concerned the most about losing their national identity, control over state finances and unfair price policies.

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