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On Friday, 14 March, in Rome, Solvita Āboltiņa, Speaker of the Saeima, addressed the participants of an international conference What Europe Stands For – Growth, Jobs and Rights: Will the European Union Rise to the Occasion? In her address, Speaker Āboltiņa emphasised that under conditions of global competition, it is difficult to imagine a competitive Europe with many small currencies and with just as many competitive strategies. In order to remain competitive, small countries like ours have to integrate their economies, and by virtue of being a member of the euro area, we are far less vulnerable to outside economic pressures.

Regarding future challenges, Āboltiņa pointed out that Europe needs to take several important steps, namely, the establishment of a banking union, development of a digital single market, establishment of a single market for services, and concluding a free trade agreement with the United States. She also indicated that improving and expanding the digital single market will be one of the priorities of the Latvian presidency of the Council of the EU in 2015.

With regard to fiscal discipline, Āboltiņa highlighted Latvia’s experience in 2008 and 2009, when our economy lost one fifth of output and the unemployment rate was high; however, after streamlining the public financial sector and implementing structural reforms, we have managed to regain our competitiveness.

The Speaker also stressed that we could not have overcome this great ordeal without society’s sheer determination and sustained solidarity. She added that for Latvia, the way forward includes raising labour productivity and manufacturing, as well as reducing wage inequality by lowering labour force taxes and raising the minimum wage. Investments in education are also necessary, but more importantly, one should have a chance of finding employment after completing education.

From 13 to 15 March, Solvita Āboltiņa, Speaker of the Saeima, is on a working visit to Italy, where she is participating in an international conference What Europe Stands For – Growth, Jobs and Rights: Will the European Union Rise to the Occasion?  

Photos from the conference are available at: https://www.flickr.com/photos/saeima/sets/72157642335901104/


Saeima Press Service