1st of January - Eurozone joined Latvia!

Meeting of Euro project Steering Committee

Ministry of Finance, 28.07.2012

On 26 July 2012 the regular meeting of the Euro Project Management Committee was held and the following issues were discussed:

1. Proposals for amendment to Oder No 308 of the Prime Minister of July 18, 2005 “On establishing the management committee” were discussed and approved in order to submit them further to the Cabinet of Ministers for approval. The amendments refer to renewing of the composition of the Management Committee and changes in the regularity of informative reports envisaging that the performance of planned euro project activities shall be reported to the Cabinet of Ministers in 2013 bi-monthly.

2. Informative report of the Management Committee “On tasks accomplished in the time period from February 1, 2012 till July 31, 2012 and tasks planned in the next reporting period in order to introduce the single European currency in Latvia” was discussed and approved in order to submit it further to the Cabinet of Ministers for approval. 

3. Amendments of the Euro Project Working Group to the Latvian National Euro Changeover Plan were discussed and approved in order to submit them further to the Cabinet of Ministers for approval. The main amendments to the Plan refer to Annex 1 “Action Plan for Introduction of the Single European Currency in Latvia” updating previous format, when the time schedule for the implementation of an activity was given in months against the target date, and replacing it with particular deadlines for the implementation of activities, as well as the overall regulation provided in the euro introduction draft law is taken into account in the Plan.  

4. Issues regarding harmonization of accounting systems were discussed. In order to discuss possible scenarios of harmonization with the accounting system Horizon, which is used by more than a half of central government institutions, information was received about possible Horizon migration scenarios. By the next meeting of the Management Committee the Euro Project Manager is assigned to organize and provide technological assessment of the scenarios.