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Friday 19.10.2018 | Name days: Drosma, Drosmis, Elīna

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

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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.


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.

  2. the truth says:

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

  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.

  4. Andis says:

    Oh my this PM lives in gaga land.

  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

    • hm says:

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

  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 ?

  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.

  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.

    • 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!!

  9. Sole says:

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

  10. Tasmin says:

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

  11. ??? says:

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

  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…………

  13. lelde says:

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

  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!

  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.

  16. hey jj says:

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

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