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European Council will discuss the economic situation in Europe and fiscal discipline

State Chancellery
27.02.2012
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On Wednesday, February 29, Prime Minister Valdis Dombrovskis will leave for Brussels to participate in the European Council where the main issues under discussion will be the economic situation in Europe, further deepening of fiscal integration within the euro area and employment. During the meeting, 25 countries, incl., Latvia will sign the treaty on fiscal discipline.

On March 1-2, the first phase of the European Semester will be concluded in the European Council. The Member States will assess the country-specific progress under the the Euro Plus Pact and will give guidance to be incorporated in the National Reform Programmes. The European Council will particularly address the labour market reforms, employment and competitiveness and will discuss the preparations for the forthcoming G8 and G20 summits to take place on May 19-20 and June 18-19, 2012.

By signing the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, the countries will commit themselves to gradual reduction of the budget deficit, developing of a balanced budget and striving for a budget surplus. The Treaty aims at establishing more strict fiscal discipline in the euro area, which will serve as the basis for its stability in the future. Before the European Council, the Prime Minister will participate in the summit traditionally organized by the European People`s Party as well as in the meeting of the Heads of State and Government of the Nordic and Baltic countries (NB6). It will traditionally address the issues on the agenda of the European Council.

During the visit, the Prime Minister will also open the seminar "EU Balance-of-payments Assistance for Latvia: Foundations of Success" organized by the Directorate-General for Economic and Financial Affairs of the European Commission and the Bank of Latvia to be held on March 1, where the Latvian and international experts will discuss overcoming of the financial crisis and issues related to changes in national economy. The interested persons will have the opportunity to watch discussions live: http://scic.ec.europa.eu/str/index.php?sessionno=ae1d2c2d957a01dcb3f3b39685cdb4fa 

Supplementary information in the Prime Minister's video blog: http://valdisdombrovskis.lv/par-svarigako-nakamaja-nedela-2702-0403-video/

Supplementary information about the seminaar: http://www.bank.lv/par-latvijas-banku/es-palidziba-latvijai-maksajumu-bilances-jautajumos-panakumu-pamats

About the European Council:
The European Council was established in 1974 with the intention of establishing an informal forum of discussion between the Heads of State and Government of the EU countries. The European Council acquired official status in 1992 by the Treaty of Maastricht, after the entry into force of the Lisbon Treaty the European Council has the EU institution status. The European Council sets general political guidelines and priorities in all areas of activity of the EU. The European Council consists of the Heads of State or Government of the EU Member States, together with its President and the President of the Commission. It meets at least twice every six months and the meetings are convened by the President of the European Council.


Supplementary information:
Mārtiņš Panke
Press Secretary to the Prime Minister
Mob. phone: 67082865 / 26556965
E-mail: Martins.Panke@mk.gov.lv

Information prepared by:
Diana Germane
Consultant of the Communication Department State Chancellery
Phone: +371 67082922
E-mail: diana.germane@mk.gov.lv
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