OREANDA-NEWS. On July 12, 2007, within the framework of the visit by the European Union (EU) Commissioner for Economic and Monetary Affairs Joaquin Almunia to Latvia there was a press conference held with participation of the Commissioner and the Minister of Finance Oskars Spurdzins, reported the press-centre of Ministry of Finance of Latvia.

O.Spurdzins informed journalists about the main themes discussed with the Commissioner during the business lunch. The Minister told that „Commissioner is well informed about our macro economical indicators and situation in general, and conclusions drawn regarding steps to be taken to stabilize our national economy are similar by Latvia and European Commission”.       

The EU Commissioner, in turn, admitted that the European Commission (EC) was satisfied to hear about the Anti-Inflation Plan approved the government of Latvia, however he stressed that it is only the first step and it is important to implement this Plan completely. According to the assessment by the EC the fiscal policy of Latvia could be more active.   

When commenting on the euro introduction, J.Almunia pointed out that the intention of Latvia to introduce euro at the beginning of the next ten-year period will definitely take a lot of effort. „However, I want to stress that the intention to comply with the Maastricht criteria is important not only to prepare for the euro introduction. These efforts made to stabilize the economy are made also in favour of inhabitants, in favour of Latvia itself,” said J.Almunia in the press conference.        

The main suggestions of the EC to Latvia at the present situation were to completely introduce the Anti-Inflation Plan, to be „more ambitious” with the budget policy development and to plan even larger budget surplus, to control more strictly the link between the increase in wages and productivity, restrict the rapid increase in crediting, as well as to utilize effectively the EU funding available for Latvia to strengthen the economy.       
 
J.Almunia stayed for a one day in Latvia. This was the first visit of the European Union Commissioner for Economic and Monetary Affairs to our country. Before the press conference the Commissioner met with the Prime Minister Aigars Kalvitis and the Speaker of the Saeima Karina Petersone. During the business lunch with the Minister of Finance O.Spurdzins discussed prospective of economic development in Latvia. Within the framework of the visit it was also planned to have a discussion with the representatives of Latvia business and science environment, as well as to have a meeting with the Governor of the Bank of Latvia Ilmars Rimsevics.           

Additional information: http://www.fm.gov.lv/page.php?id=3661