On 29 April the European Parliament and the Council held their second political meeting to discuss the legislative proposal on the set up of the European Fund for Strategic Investments (EFSI) that intends to bring an additional 315 billion euro in investments for jobs and growth. The discussions between the two co-legislators are taking up speed, particularly on governance, the use of the guarantee, and the advisory hub.
Riga, 25 April 2015 – On Saturday 25 April, at the second session of the informal meeting of the Economic and Financial Affairs Council (ECOFIN), one of most important issues on the agenda was the further development of the Capital Markets Union concept, which was broadly supported by the ministers and Governors of central banks.
Riga, 24 April 2015 – On Friday 24 April, the first session of the informal meeting of the Economic and Financial Affairs Council (ECOFIN), chaired by the Latvian Minister for Finance Jānis Reirs, was held in Riga. The Ministers discussed the economic situation and financial stability in the European Union, as well as the main obstacles to the implementation of structural reforms in the Member States.
Today the European Parliament and the Council opened their negotiations on the regulation on the European Fund for Strategic Investments (EFSI).
The Council Presidency, as well as the Chairs and co-rapporteurs of the Economic and Monetary Affairs committee (ECON) and of the Committe on Budgets (BUDG) confirmed their resolve to work hard towards reaching agreement as quickly as possible, allowing for final adoption already this summer.
On Thursday, April 23, Finance Minister Janis Reirs opened an international seminar (thinktank) on financial regulation and services (Eurofin), presented achievements of the Latvian Presidency in this field, as well as informed about the issues to be discussed at the informal meeting of the Economic and Financial Affairs Council (ECOFIN).
On April 23 – 25, within the framework of the Latvian Presidency a number of high-level meetings will take place in Riga gathering EU Finance Ministers and other high-level experts of the financial sector.
On April 22, within the framework of the Latvian Presidency, a meeting of the Working Party on Financial Services of the European Union (EU) is taking place in Riga. At the meeting, high-level field experts will give an insight about current issues related to financial services.
The Latvian Presidency welcomes the vote of the European Parliament of 20 April 2015 on its negotiating position on the regulation on the EFSI. The vote paves the way for the agreement on the EFSI to be achieved during the Latvian Presidency thus allowing the ample liquidity reserves in the private sector to match the need to finance potential investment projects already this year.
On Thursday, April 16, the European Parliament made a decision about amendments to Regulation 1304/2013 on European Union funds stipulating that a bigger than planned advance payment should be provided for the implementation of projects of the Youth Guarantee Scheme. Thus another important task of the Latvian Presidency of the Council of the European Union has been accomplished.
In Brussels, a decision has been signed on the provision of additional macro-financial assistance to Ukraine. Finance Minister Janis Reirs is satisfied because one of the priorities of the Latvian Presidency of the Council of the European Union (EU) has been achieved.
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