National Laws and Regulations

To ensure full introduction of the euro in Latvia, amendments to the effective laws and regulations shall be made and new laws and regulations approved. A review of laws and regulations is currently being conducted to identify those laws and regulations requiring amendments as well as obtain information on the necessary amendments and their scope. All ministries and secretariats of the special assignment ministers are involved in the review process.

To ensure the euro changeover process alignment of the legal framework within the euro project is done by the State Administration Working Group.

Initially it is planned to take conceptual decision on the form and procedure for the alignment of the legal framework.

The next step to be taken with respect to the adjustment of laws and regulations will be drafting the law on introduction of the single currency of Europe or the so called "Umbrella Law" and elaborating amendments to the effective laws and regulations.

The "Umbrella Law" stipulates basic provisions for the euro introduction in Latvia which are also set in the National Euro Changeover Plan The draft Law will be submitted to the European Central Bank (ECB) for review and harmonisation. It will also be necessary to introduce amendments in the Law on the Bank of Latvia, stipulating the integration of the Bank of Latvia into the Eurosystem.