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Latvia’s Presidency of the Council of the EU is an opportunity for the financial sector

News - January 26, 2015
From 1 January, Latvia holds the Presidency of the Council of the European Union. Latvia has carried out meticulous preparations for the EU Presidency over many years. Under the EU Presidency, Latvia has defined several key priorities to be pursued by the country’s financial sector. The most important are as follows: promotion of investments and economic growth (and hence participation in implementing the Investment Plan for Europe), governance in the financial sector, and reinforcement of the Economic and Monetary Union (EMU).

„In the context of the country’s Presidency priorities, we see Latvia’s financial sector performing better than elsewhere in Europe. It is therefore important to clearly demonstrate and use the unique opportunity offered by the EU Presidency to achieve the country’s future goals. The exports of highly professional financial services have historical roots in Latvia. Over recent years, foreign customers have shown an ever-growing demand for qualitative services. We increasingly compete with well-known financial hubs both in Europe and the rest of the world. Half-year Presidency of the EU is an opportunity to unveil to the world our rich culture, organisational skills and professional competences and also to highlight high quality of Latvia’s financial sector, compliance with stringent AML/CFT standards and global best practices,” the Chairperson of Bank’s Board llona Gulchak said.

Latvia will hold the rotating Presidency from January till June 2015. During the Presidency, Latvia intends to arrange around 20 financial sector-specific top-level events.

The European Fund for Strategic Investments (EFSI) was set up as part of the Investment Plan for Europe. The Fund is the main channel to unlock at least EUR 315 billion in additional investment in the real economy over the next three years. The Fund will finance projects and will support risk finance for SMEs and mid-cap companies across Europe. The Latvian enterprises should seize the new opportunity and develop their businesses by using different types of financial instruments. At the same time, the EU Presidency provides all economic sectors, including the financial services industry, with multiple opportunities to demonstrate their achievements and their level of development, and to address the most important issues.

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