On Friday, 22 February, an international conference on Experience with and Preparations for the Euro will be held at the Saeima in order to promote a discussion on introduction of the single European currency, the euro, in Latvia, to address possible challenges, as well as to learn about the experience of other EU member states in introducing the euro.

The conference is organised by the European Affairs Committee of the Saeima in collaboration with the European Commission Representation in Latvia, the Ministry of Finance of the Republic of Latvia, the Bank of Latvia, as well as the embassies of Estonia and Austria in Latvia.

“Introduction of the single European currency in Latvia was and still remains the strategic goal of our state. During the conference, we will try to find answers to the following questions: What does the introduction of the euro mean? How can the euro be transformed from a mythical notion into a real currency used in every-day life? How easy or hard is it for society to deal with the transition on the day when the state joins the euro area? How do the national economy, business environment and international investment ratings respond to this transition? It is essential for the parliament not only to talk theoretically about the consequences of euro introduction but also to learn from the experience of states which have joined the euro area,” emphasised Zanda Kalniņa-Lukaševica, Chairperson of the European Affairs Committee.

Inna Šteinbuka, Head of the European Commission Representation in Latvia, indicated that during the preparation process for introducing the euro, it is important to have a candid discussion on advantages and disadvantages of the single European currency. “Estonia is our closest neighbour which chose to join the euro area rather recently; therefore, it seems worthwhile to learn about their experience. As for Austria, it has had the euro since the day it was first introduced in Europe; thus it can view the development of the euro area from a longer perspective,” emphasised Šteinbuka.

At the opening of the conference on Experience with and Preparations for the Euro, the participants will be addressed by Solvita Āboltiņa, Speaker of the Saeima; Andris Bērziņš, President of Latvia; Valdis Dombrovskis, Prime Minister of Latvia; and Andrus Ansip, Prime Minister of Estonia.

During the first part of the conference, politicians, as well as Latvian and foreign experts in finance and economics, will discuss Latvia’s journey towards the euro. Andris Vilks, Minister for Finance; Christian Weise, Head of Department at the Directorate General for Economic and Financial Affairs of the European Commission; Roberts Zīle, member of the European Parliament, and Morten Hansen, Head of the Economics Department at the Stockholm School of Economics in Riga, will give their presentations on this subject.

The second part of the conference will be devoted to the experience of the countries which have already joined the euro area. Raivo Vare, Chairman of the Board of Directors of the Estonian Development Fund; Franz Nauschnigg, Head of the European Affairs Department of the Austrian National Bank; José Marín Arcas, Head of the Euro Area Macroeconomic Developments Division of the Directorate General Economics of the European Central Bank, as well as Mārtiņš Kazāks, Chief Economist of Swedbank, will share their views on this subject.

Participants of the conference will also be addressed by Ilmārs Rimšēvičs, Governor of the Bank of Latvia, and Ewald Nowotny, Governor of the Austrian National Bank.

At the end of the conference, the participants will be addressed by Zanda Kalniņa-Lukaševica and Inna Šteinbuka.

Members of the Saeima, economists and experts in banking, representatives of NGOs, business and international organisations, as well as representatives of public administrations, municipalities and media, are invited to attend this conference.

Conference will be broadcast live on the Saeima website www.saeima.lv and portal www.delfi.lv.

The conference on Experience with and Preparations for the Euro will held on Friday, 22 February, in the Red Room of the Saeima at Jēkaba iela 11, and it will begin at 10:00.


Saeima Press Service