EURO - key considerations
for future perspective
Andris Vilks, 
Minister of Finance 
Republic of Latvia 
MINISTRY
OF FINAN...
EURO – key element in EU construction
Joining the Eurozone is a logical step, if we believe in EU as an construction Joini...
EURO – key driving force for change in Latvia
o EURO = crisis exit strategy
o EURO = key driving force:
- to put Latvian e...
EURO – catalyst of EU reform agenda
o Euro has been served as indicator to reveal the hidden deficiencies in
EU constructi...
Latvia in euro zone – what can be expected from
the new member?
a silent partner? no
focused exclusively on its
short term...
Improving the EMU – how far to go towards deeper integration?
o In the Eurozone Europeans formulate
their views and attitu...
Joining the EURO – how far to go towards deeper integration?
«Pastāvēs, kas pārvērtīsies»
«Sustain through the change”
J. ...
Growth in natural for all living beings
Global development suggest that deeper
integration in EU is natural
Global develop...
RETURNS TO
EUROPE
NATIONAL SYMBOL
OF LATVIA
FROM
JANUARY 1ST
, 2014
EUROZONE IS
JOINING LATVIA
EURO. LATVIA GROWS!
Andris Vilks,
Minister of Finance
Republic of Latvia 
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Ministra Andra Vilka uzruna Latvijas Eiro konferencē

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  • The euro introduction has been served as the precondition to be taken into account to decide on crisis exit strategy; The euro introduction has served as key driving force: - t o put Latvian economy on solid ground (Maastricht criteria); - t o perform structural reforms to ensure sustainability of economic growth.
  • Adoption of EURO brings the se questions also in minds of Latvians
  • To grow is in the nature of all living beings . It’s time for an acorn to become an oak,
  • National symbol of Latvia returns to Europe
  • Ministra Andra Vilka uzruna Latvijas Eiro konferencē

    1. 1. EURO - key considerations for future perspective Andris Vilks,  Minister of Finance  Republic of Latvia  MINISTRY OF FINANCE REPUBLIC OF LATVIA
    2. 2. EURO – key element in EU construction Joining the Eurozone is a logical step, if we believe in EU as an construction Joining the Eurozone is a logical step, if we believe in EU as an construction  Decline of  Bretton Woods  system  Werner report  1970 «Currency  Snake» system 1972 European  Monetary system  and ECU 1979 Jacques Delors  report 1989 Maastricht  Treaty 1992 o The key element of EU – a united economic area (free movement of persons, goods, services and capital) requires a monetary union o History suggests, that monetary unions without common monetary policy sooner or later fail o Common monetary policy would imply single currency
    3. 3. EURO – key driving force for change in Latvia o EURO = crisis exit strategy o EURO = key driving force: - to put Latvian economy on solid ground - to perform structural reforms
    4. 4. EURO – catalyst of EU reform agenda o Euro has been served as indicator to reveal the hidden deficiencies in EU construction: - market forces alone cannot exert disciplinary influence to Member States and can contribute to the financing of economic imbalances; - EU rules are not respected (Maastricht deficit and debt ceilings, opening of Excessive Deficit Procedures). Common monetary policy reveals the inefficiency of current fiscal policy coordination and calls for greater centralization in management of fiscal policy and greater solidarity
    5. 5. Latvia in euro zone – what can be expected from the new member? a silent partner? no focused exclusively on its short term gains/loses? no indifferent to common problems ? no cold to acts of solidarity? no strong advocate to respect adopted rules? yes believers to fiscal discipline? yes ally towards the deeper integration in EMU? yes
    6. 6. Improving the EMU – how far to go towards deeper integration? o In the Eurozone Europeans formulate their views and attitudes around these concepts and the future of EU appears high on political agenda o Support of Europeans is vital for reforms to be implemented
    7. 7. Joining the EURO – how far to go towards deeper integration? «Pastāvēs, kas pārvērtīsies» «Sustain through the change” J. Rainis 1865 -1929 «Pastāvēs, kas pārvērtīsies» «Sustain through the change” J. Rainis 1865 -1929 In the changing environment one could use emerging opportunities for a better life Introduction of the EURO brings these questions also into the minds of Latvians
    8. 8. Growth in natural for all living beings Global development suggest that deeper integration in EU is natural Global development suggest that Euro introduction in Latvia should be seen as natural
    9. 9. RETURNS TO EUROPE NATIONAL SYMBOL OF LATVIA
    10. 10. FROM JANUARY 1ST , 2014 EUROZONE IS JOINING LATVIA
    11. 11. EURO. LATVIA GROWS! Andris Vilks, Minister of Finance Republic of Latvia 
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