Economics, EU – Baltic States, Financial Services, Latvia, Legislation

Valdis Dombrovskis and Anders Borg. Riga, 1.02.2012. Photo: flickr.com

During the meeting, Borg wished to hear Latvia's vision and predictions on economic development. Vilks informed about Latvia's accomplishments, and confirmed that Latvia has learned from the crisis and taken care of the problems that other European countries are going through at the moment.

At the same time, the Latvian side confirmed that the eventual goal is to achieve a balanced budget, as well as controlled and stringent financial discipline.

For his part, the Swedish finance minister pointed out that Sweden had to solve the consequences of a financial crisis in the 1990s, and implemented stringent financial discipline to overcome it.

Borg also emphasized that even after the successful conclusion of the international loan program, Latvia must put forward specific goals and move towards joining the eurozone in two years. Latvia should not postpone the implementation of this goal.

As reported, Borg is in Riga today to meet with Prime Minister Valdis Dombrovskis (Unity), Bank of Latvia President Ilmars Rimsevics, and Finance Minister Andris Vilks.

During the Riga visit, Borg will also read a lecture on solutions to the economic crisis in Europe at the Stockholm School of Economics in Riga.