Aspects of the introduction of the euro in Latvia
On October 10th, Diplomatic Club held the meeting on the subject of the practical aspects of introduction of Euro in Latvia with Dace Kalsone, Euro Project Manager.
Dace Kalsone during the presentation answered a lot of questions .
Presentation *.pdf
During the meeting touched a lot of topics and issues.
From the year of 2006 all Baltic countries are working on developing a plan of Euro establishment. However, starting from 2010 the economy of these countries reached all norms of Euro. This plan development occurred in Belgium along with Training Project, Cash and Communication.
Euro adoption plan is important and, taking into account the economic situation in Latvia, which is currently comparatively good and should be implemented.
According to the law, three months before the adoption of the Euro and six months after that, all prices in Latvia will be both in euro and in lats.
The Structure of Euro Project Committee is chaired by :
1. The higher Committee — representatives of the authorities V.Dombrovskis, A.Ruselis, I.Rimshevich
2. Minister for Finance, Minister for Justice and Minister Economics
3. Euro bureau — Committee cooperation was established since 2005.
In turn, the working group deals with the market issues are includes:
Public institutions and market participants : companies, credit institutions, as well as sellers of goods and providers of services.
Half of the expenses will be cover by Euro Fund. Those expenses are for some Security reason and Control prices.
As for neighboring Estonia, who became a member of the eurozone coupe years ago, we use her experience with IT systems.
Lat will be exchanged by the Bank of Latvia for an unlimited duration, for example like in Germany, Austria and Netherlands.
At least one year before the euro introduction day the concept about the legal acts’ amendments for the euro changeover has to be adopted. In Latvia, it is planned to adopt the Law on Introduction of Euro.
The Ministry of Finance and The Bank of Latvia prepared a lot of helpful information and visual materials for residents of Latvia. They will receive it by the mail.
Examination and monitoring of the program also focus on the long-term sustainability of public finances. The EU institutions produce common long-term budget forecasts at the EU level and examine and monitor situation.The exchange rate is 1 Euro = 0.702804 Ls
The main objective is to make sure the necessary information is shown, not make a company to pay a fine go about its business without correcting anything.
The impact of potential energy resource price increases on annual inflation could not be ruled out.
www.eiro.lv on this site you can get additional information regarding of introduction of Euro in Latvia
The president of the Club Dawid Tomaszewski thanked Dace Kalsone for presentation and wished success and good luck!
In memory of the meeting was presented the gift, Eco — candle made in Latvia ILY
At meeting participated :
Andre Villers Embassy of Belgium; Maxim Preminin, Аlexsandr Grechaniy Embassy of Russia, Roge Helene Embassy of France; Andrey Kozlov Embassy of Ukraine; Dawid Tomaszewski Embassy of Poland; Oleg Butenko, Aleksandr Gaponenko, Snezhana Shushunova, Valery Roldugin and other
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