| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2013) 345 final (5.6.13) |
| Publication Date | 05/06/2013 |
| Content Type | Policy-making |
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Article 140(1) of the Treaty on the Functioning of the European Union ('the Treaty') provides that at least once every two years, or at the request of a Member State with a derogation, the Commission and the European Central Bank have to report to the Council on the progress made in the fulfilment by Member States with a derogation of their obligations regarding the achievement of economic and monetary union. Based on its own report and that of the ECB, the Commission can submit to the Council a proposal for a Council decision, in accordance to the procedure laid down in Article 140(2) of the Treaty, to abrogate the derogation of the Member States fulfilling the necessary conditions. On 5 March 2013, Latvia submitted a request for a new convergence assessment with a view to introduce the euro on 1 January 2014 in case the derogation were to be abrogated. As a response to this request, the Commission and the ECB prepared Convergence Reports for Latvia. The Commission Convergence Report 2013 on Latvia was adopted by the College on 5 June 2013. The ECB adopted its report on 3 June. The reports include an examination of the compatibility between Latvia's national legislation, including the statutes of its national central bank, with Articles 130 and 131 of the Treaty and the Statute of the ESCB and of the ECB. The reports also examine the achievement of a high degree of sustainable convergence by reference to the fulfilment of the convergence criteria and take account of several other factors required under the final sub-paragraph of Article 140(1) of the Treaty. In its Convergence Report, the Commission concludes that Latvia fulfils the conditions for the adoption of the euro. On the basis of its report and that of the ECB, the Commission has adopted the attached proposal for a Council decision to abrogate the derogation of Latvia with effect from 1 January 2014. |
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| Source Link | http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2013:345:FIN |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Latvia |
