Eurogroup says Latvia’s budget plan is ‘broadly compliant’ with bloc’s stability pact

EPA-EFE/OLIVIER HOSLET

(L-R) Belgian Finance Minister Johan Van Overtveldt, Austrian Finance Minister Hartwig Loeger, Finland's Finance Minister Petteri Orpo (back to camera), Luxembourg's Finance Minister Pierre Gramegna, Andrej Bertoncelj, the Slovenian Finance Minister and German Minister of Finance Olaf Scholz chat during the Eurogroup Finance Ministers' meeting in Brussels, 11 March 2019.

Eurogroup says Latvia’s budget plan is ‘broadly compliant’ with bloc’s stability pact


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The 19 ministers of the Eurozone welcomed Latvia’s submission of an updated draft budgetary plan (DBP) for 2019.

The Eurogroup ministers requested from Riga a draft budget plan that had to be submitted during the group’s December 2018 meeting, which was then assessed by the European Commission before it is issued its own opinion of the budget proposal on 6 March .

The Eurogroup ministers came to the same conclusion as the Commission’s assessment and suggested that Latvia’s draft budget plan is broadly compliant with the requirements of the preventive arm of the Stability and Growth Pact (SGP).

“The Eurogroup invites Latvia to ensure compliance with SGP provisions within the national budgetary processes and welcomes its commitment to take any necessary measures that may be needed,” said the ministers in a statement released shortly after their report became public.

Of the remaining EU members who can expect an assessment from the ministers of the Eurozone, Luxembourg is expecting to hear the Eurogroup’s verdict on a draft proposal that was submitted by the Luxembourgish government on 5 March.

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