Participation of Olli Rehn in an event to celebrate the possible Council decision on the enlargement of the euro area to Latvia

Type: Report   Reference: I-080420   Duration: 10:05:30  Lieu:
End production: 09/07/2013   First transmission: 09/07/2013
On 9 July 2013, Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, participated in the festivities organised at the European Commission to celebrate the possible Council decision on the enlargement of the euro area to Latvia. Olli Rehn, Jeroen Dijsselbloem, Dutch Minister for Finance and President of the Eurogroup, Rimantas Šadzius, Lithuanian Minister for Finance and President in office of the Council, Valdis Dombrovskis, Latvian Prime Minister, Andris Vilks, Latvian Minister for Finance, and Ilmārs Rimšēvičs, Governor of the Bank of Latvia, made speeches and the new euro coins were displayed.

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TIME DESCRIPTION DURATION
10:00:00 Title 00:00:05
10:00:05 Exterior view of the EC Berlaymont building 00:00:03
10:00:08 Jeroen Dijsselbloem, Dutch Minister for Finance and President of the Eurogroup, Olli Rehn, Vice-President of the EC in charge of Economic and Monetary Affairs and the Euro, and Valdis Dombrovskis, Latvian Prime Minister, talking 00:00:03
10:00:12 Jeroen Dijsselbloem and Olli Rehn 00:00:08
10:00:20 Cutaway of the audience 00:00:04
10:00:24 SOUNDBITE by Olli Rehn (in ENGLISH) saying that that day’s decision is made possible by Latvia’s high degree of sustainable convergence with the euro area; Latvia convincingly meets the five Maastricht convergence criteria and its economic policy is on a sustainable path; of course, from now on, it will be essential to ensure the sustainability of economic growth and public finances in order to ensure a successful performance within the eurozone to realise the full benefits of the monetary union for the citizens of Latvia and to minimize risks in the future. 00:00:44
10:01:09 Ilmārs Rimšēvičs, Governor of the Bank of Latvia, and Joaquín Almunia, Vice-President of the EC in charge of Competition 00:00:04
10:01:14 SOUNDBITE by Jeroen Dijsselbloem (in ENGLISH) saying that acceding to the eurozone is an important step for Latvia, for the euro area and for the whole of the European Union; it is the positive outcome of a long period of work by the Latvian authorities and by the Latvian people; he commends the commitment shown over this time; since the financial crisis irrupted, Latvia has risen to the challenge of successfully implementing an EU/IMF assistance programme and rebalancing its economy; this required difficult decisions and they have been worth it; Latvia is forecast to be the fastest growing economy in the European Union in 2013 and Latvia now has the responsibility of becoming the reference country for other EU Member States wishing to join our single currency. 00:00:52
10:02:06 Cutaway of the audience 00:00:03
10:02:09 SOUNDBITE by Rimantas Šadzius, Lithuanian Minister for Finance and President in office of the Council, (in ENGLISH) saying that Latvia is a country that has been decisive in its definitive wish to enter the eurozone, to adopt the euro as its new currency; this is very symbolic and a proof to anyone that is critical that Europe is alive, that the eurozone is alive, and that the euro is a strong currency and will be a strong currency. 00:00:49
10:02:59 Cutaway of the audience 00:00:02
10:03:01 SOUNDBITE by Valdis Dombrovskis (in ENGLISH) saying that joining the eurozone - and previously, joining the EU - does not abolish the need for pursuing responsible fiscal and macroeconomic policies; macroeconomic stability, fiscal developments and economic growth are factors which are still in their hands; joining the eurozone is a good tool but they must handle this tool properly and then it will help to achieve the prosperity in Latvia and it will help for the development in the European Union. 00:00:42
10:03:43 Cutaway of Valdis Dombrovskis and Jeroen Dijsselbloem 00:00:05
10:03:49 SOUNDBITE by Andris Vilks, Latvian Minister for Finance, (in ENGLISH) saying that it is a very remarkable and important day for Latvia; January 2014 will become a landmark in the history of Latvia, reflecting the long and challenging process of economic and monetary integration that has enabled Latvia to join the euro area; membership in the eurozone will in a way complete the journey that started in 1991. 00:00:45
10:04:34 Hostesses holding replicas of the new euro coin 00:00:06
10:04:41 SOUNDBITE by Ilmārs Rimšēvičs (in ENGLISH) saying that the bank of Latvia also has played an active part in Latvia's strive towards the full membership of the European Monetary Union; as a central banker, he is extremely proud that the path to the euro has demonstrated its liability and resilience during more than eight years; contrary to what has been anticipated by euro sceptics the stability of our national currency alongside with the fast consolidation and structural reforms verified itself as a very crucial factor in overcoming financial difficulties and making structural reforms and achieving a higher degree of economic convergence. 00:00:49
10:05:30 Applause 00:00:03
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