Latvia's Ministry of Finance published a summary of Finance Minister Arvils Ašeradens' interventions at the European Union Economic and Financial Affairs Council (ECOFIN) in Brussels. In the political debate on the EU market integration and supervision package, he said Latvia supports capital market integration and is open to targeted European-level supervision of significant cross-border market infrastructure where it brings clear added value and helps reduce market fragmentation, while preserving a balanced split of responsibilities between national supervisors and the European Securities and Markets Authority (ESMA). Latvia argued that any new centralised supervisory arrangements should first be assessed for effectiveness and cost, and that alternatives such as strengthening supervisory colleges should also be considered. It also said supervision of smaller market participants, including small crypto-asset service providers, should remain at national level under a proportional and practical approach, while companies should continue to have accessible routes to local capital markets. ECOFIN also discussed the economic and financial impact of Russia's aggression against Ukraine. Ašeradens said the European Union should continue comprehensive support for Ukraine, welcomed the EU decision on a EUR 90 billion loan, supported combining macroeconomic assistance with investment in Ukraine's defence industry, called for agreement on using frozen Russian assets for Ukraine's support, and backed a 20th sanctions package covering the energy, financial and military-industrial sectors as well as anti-circumvention measures and steps to reduce Russian revenues.
Ministry of Finance (Latvia) 2026-05-05
Latvia's Ministry of Finance sets out support for targeted EU market supervision and continued Ukraine backing at ECOFIN
Latvia’s Ministry of Finance reported that Finance Minister Arvils Ašeradens told the EU Economic and Financial Affairs Council that Latvia supports capital market integration and is open to targeted EU-level supervision of significant cross-border market infrastructure, provided it adds clear value, limits fragmentation and maintains a balanced division of responsibilities with ESMA. He said any new centralised supervisory arrangements should be assessed for effectiveness and cost, with alternatives such as stronger supervisory colleges considered, and that supervision of smaller market participants, including small crypto-asset service providers, should remain national and proportionate. Ašeradens also urged continued EU support for Ukraine, welcomed the EUR 90 billion loan, backed using frozen Russian assets and a 20th sanctions package, and supported combining macroeconomic assistance with investment in Ukraine’s defence industry.