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Tuesday 19.11.2019 | Name days: Liza, Līze, Elizabete, Betija
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Dombrovskis chosen as EC Executive Vice President for Financial Services and the Economy

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EC Vice-President Valdis Dombrovskis

European Commission’s Vice-President Valdis Dombrovskis has been elected as vice-president for Financial Services and the Economy in the new team.

Dombrovskis will coordinate work «on economy that works in favour of people», as well as take seat as Commissar for Financial Services.

EC President Ursula von der Leyen mentioned in her speech that the EU has a unique social market economy, which, according to her, is the source of welfare and social justice. She stresses that this is even more important when facing double transition – climate and digital.

«Valdis Dombrovskis will lead our work so that our economy combines social matters and the market,» said Leyen.

Dombrovskis said he is happy with Leyen’s offer to take on duties as vice-president and coordinate work on the economy and monitor financial services.

«This means we will have an option to finish already ongoing work on strengthening Europe’s economy against possible shocks, which is especially important, considering international trade conflicts and slowing of economic growth,» explained the politician, adding that this work will include supervision of EU member states’ economic and macroeconomic policy, ensure close ties between economic and social matters, as well as continuation of work on enhancing social dialogue in Europe.

Dombrovskis will continue working in the financial market area, working on banking union and capital market union’s further development. Establishment of financial stability is important also because of Britain’s exit from the European Union, considering that London is EU’s most important financial centre.

One of the new and important priorities for EC is climate crisis and movement towards climate neutral economy. In this context, it is important to work on green finances to ensure attraction of private capital for transformation of sustainable economy, stresses Dombrovskis.

«Responsibility over sustainable investment policy will allow me to participate in decision-making processes in relation to necessary investments in Europe to promote innovations and create new jobs,» added Dombrovskis.

EC vice-president stressed that these topics are important for Europe and Latvia, because for Latvia it is important to ensure stable economic growth, reduce income inequality and provide more rapid welfare growth.


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