The Bank of Latvia in the European System of
Central Banks and Institutions of the European Union
With Latvia's accession to the European Union the Bank of
Latvia (BoL) became a member of the European System of Central Banks
(ESCB). The Governor of the Bank of Latvia participates in the ECB
General Council meetings on a regular basis. The representatives of the
Bank of Latvia participate in 12 ESCB's committees and the Human
Resources Conference, as well as more than 30 working groups, dealing
with issues related to monetary policy, banking supervision, euro
banknotes, statistics, accounting, market operations, payment systems,
international relations etc.
The Bank of Latvia's experts also participate in several
committees and working groups of the Council of the EU and the EC.
Working in the Economic and Financial Committee and its sub-committees,
representatives of the Bank of Latvia regularly participate in
decision-making concerning the economic and financial development of
the EU, discuss the EU economic policy strategy and instruments,
preparation of countries for the introduction of the euro, relations
with third countries, and policies of international financial
institutions. The Bank of Latvia's experts participate in the EC and Eurostat
working groups addressing issues related to euro coins, payment
systems, economic forecasting and statistics.
In cooperation with other governmental institutions and the
representatives of the private sector, the Bank of Latvia prepares for
participation in the Economic and Monetary Union and the introduction
of the euro in Latvia, participating in the development of the National
Changeover Plan of the Euro Implementation.
Cooperation with the International
The Bank of Latvia represents Latvia at the meetings of the
IMF Board of Governors as well as on a day to day basis.
Cooperation with other international institutions and
foreign central banks
The Bank of Latvia cooperates with the Bank for International
Settlements, the World Bank and other international financial
institutions. The Bank of Latvia's experts actively exchange experience
and information with foreign central banks, including technical
assistance in the areas of the Bank of Latvia's functions.