Latvia's Ministry of Finance announced that Finance Minister Arvils Ašeradens and ministry officials will take part in the Eurogroup and EU Economic and Financial Affairs Council (ECOFIN) meetings in Brussels on 17–18 February, with discussions focused on the Eurogroup work programme through July 2025, competitiveness, and proposed changes to Recovery Fund plans. The Eurogroup is set to review Bulgaria’s convergence progress toward euro adoption, discuss the euro area outlook and challenges, and approve euro area recommendations for 2025 alongside the first-half work programme. At ECOFIN, the European Commission will present its Competitiveness Compass as a five-year roadmap for competitiveness, resilience and innovation, including measures aimed at boosting growth and cutting bureaucracy. Ministers also plan to adopt proposals amending the assessment of the Latvian and Belgian Recovery Fund plans; Latvia’s changes include reallocating EUR 114 million within the climate component to Rail Baltica-related works at Riga Central Station 2B and redirecting EUR 36.2 million in remaining long-term social care investment funding to technical aids for persons with disabilities and to support construction of low-rent housing. The agenda also includes an exchange on the economic and financial effects of Russia’s war in Ukraine, noting the European Commission’s disbursement of a first EUR 3 billion tranche under an exceptional macro-financial assistance loan, part of an EU EUR 18.1 billion contribution to a G7-led initiative targeting around EUR 45 billion in support, with further payments expected through year-end. ECOFIN will additionally cover EU budget and European Semester items, including recommendations linked to the Commission’s 2023 budget implementation, conclusions on 2026 budget guidelines, Council conclusions on the Alert Mechanism Report, euro area economic policy recommendations, implementation of the economic governance framework, and preparation of the EU mandate for the forthcoming G20 finance ministers and central bank governors meeting.
Ministry of Finance (Latvia) 2025-02-17
Latvia's Ministry of Finance outlines Eurogroup and ECOFIN agenda including EUR 150.2 million Recovery Fund plan reallocations
Latvia's Finance Minister Arvils Ašeradens will attend Eurogroup and ECOFIN meetings in Brussels on 17–18 February, focusing on the Eurogroup work programme, competitiveness, and Recovery Fund amendments. Discussions include Bulgaria’s euro adoption, the euro area outlook, and the European Commission's Competitiveness Compass. ECOFIN will address reallocating EUR 114 million to Rail Baltica and EUR 36.2 million to social care and housing, alongside discussions on Russia’s war in Ukraine and EU budget matters.