Prospects of euro adoption by Latvia :
- extracts from the Exchange of views with Andris VILKS, Minister of Finance of Latvia and Ilmārs RIMSEVICS, Governor of the Central Bank of Latvia
EP Committee on Economic and Monetary Affairs
EPRef91668 // European Parliament , Brussels
Lieu: European Parliament, Brussels
End production: 26/02/2013 First transmission: 26/02/2013
ECON-Committee hosted this morning the Latvian Minister of Finance, Mr Andris Vilks, and the Governor of the Central Bank of Latvia, Mr Ilmārs Rimšēvičs to discuss the prospects of the euro adoption by Latvia, effective as of 1 January 2014.
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||Cutaways (5 shots)
||Exterior view of the EP, Brussels
||Cutaways in meeting room (3 shots)
||SOUNDBITE (English) by Ilmārs Rimšēvičs the Governor of the Central Bank of Latvia, "By not being in the Eurozone and missing 2008, Latvia unfortunately has to go through a quite deep and severe economic and financial crisis."
||SOUNDBITE (English) by Ilmārs Rimšēvičs the Governor of the Central Bank of Latvia, "Today Latvia is again the fastest growing economy in Europe for second consecutive year"
||SOUNDBITE (English) by Ilmārs Rimšēvičs the Governor of the Central Bank of Latvia, "Euro has served us as a guiding light towards fulfilling all the Maastricht criteria towards bringing necessary legal adjustments in order to be ready for 2014 and to join our European Monetary Union."
||SOUNDBITE (English) by Ilmārs Rimšēvičs the Governor of the Central Bank of Latvia, "European monetary Union is the stable and big ship and everything is fine with this ship and Latvia would like to join to that."
SOUNDBITE (English) by Andris Vilks Latvian Minister of Finance, " Latvia today is different from the previous period because at this moment we already passed at the Parliament at all levels the fiscal discipline law , we ratified the fiscal compact . We have planned already our budget in three year period and it is almost impossible for the coming governments to just ignore these instruments, this factor."
||SOUNDBITE (English) by Andris Vilks Latvian Minister of Finance, "We were able to combine austerity measures, restructuring of our economy , fiscal budget , public administration and at the same time started to implement very necessary reforms and that is good combination, .prudent fiscal policy plus the growth friendly reforms."
||SOUNDBITE (English) by Andris Vilks Latvian Minister of Finance, "We are coming closer and closer to the balanced budget and at the same time we are able at this moment, because better than expected revenues in the budget to send more money to very important programmes which were mentioned also by the EC experts , by IMF. We are able to deal at this moment with such things like reduction of inequality, reduction of poverty and at this moment we are already planning for the next year to significantly increase and tax minimum wages and also we agree going to introduce some kind of progressive tax minimum which will be higher for low paid people."
||SOUNDBITE (English) by Ilmārs Rimšēvičs the Governor of the Central Bank of Latvia," We have a very comfortable situation where we have 30% for Euro, 33% against and then in the middle somewhere between 33%-35% undecided people who are looking for new fact and I think this is the time to explain more , to give more information and I think we feel very determined to bring that support by summer of this year more than 50%."