On Wednesday, 16 January, during the meeting of the European Affairs Committee, where MPs assessed the introduction of the single European currency, the euro, in Latvia and the campaign for raising public awareness, Zanda Kalniņa-Lukaševica, Chairperson of the European Affairs Committee, emphasised that introduction of the single European currency is not a spontaneous whim of the Latvian government; it has been the strategic goal of several successive governments, and it will soon be reached.

“During today’s meeting, the Committee continued last week’s discussion on introduction of the euro in Latvia. MPs had an opportunity to question Andris Vilks, Minister for Finance, and the European affairs experts. This discussion once again proved that introduction of the single European currency is Latvia’s long-term strategic policy, not a new item on our national agenda," said Kalniņa-Lukaševica.

Edvards Kušners, Member of the Council of the Bank of Latvia, also confirmed that by explaining the chronology of the decision to introduce the single European currency from the point of view of European law. The obligation of a state to become a full-fledged member of the euro area is set forth in the treaty on accession to the European Union, and Latvia’s membership in the EU was decided upon in the referendum held in 2003. Pursuant to the Treaty on the Functioning of the European Union, the decision on the date when a member state is allowed to join the euro area is made by the Council of the European Union, which has exclusive competence in this matter. Pursuant to the legal procedure, prior to the Council’s decision, the relevant member state has to make a decision on the national level regarding its participation in the exchange-rate mechanism II, which is the first step in the process of accession to the euro area, explained Kušners. The Latvian government already made that decision at the end of 2003, before Latvia joined the European Union.

Minister Vilks once again emphasised that membership in the euro area is Latvia’s strategic goal. In order to dispel public concern regarding price increases induced by introduction of euro, the Minister for Finance highlighted that market players have pledged not to increase prices.



Saeima Press Service