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.
To ensure the euro changeover process alignment of the legal framework within the euro project is done by theState Administration Working Group.
Initially it is planned to take conceptual decision on the form and procedure for the alignment of the legal framework. By Cabinet Order No 282 on 27 June 2012 by the Cabinet of Mininsters there was adopted Conception about the legal acts' amendments for the euro changeover in Latvia. The Conception includes scenarious on legal acts amendments, as well as in annexes there are included laws and regulations requiring amendments. All ministries were involved in the review process and also there was obtained information on the necessary amendments and their scope.
The next step taken with respect to the adjustment of laws and regulations was adoption of the Law on the Procedure for the Introduction of Euro or the so called "Umbrella Law" and next steps are related to 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 Law was submitted to the European Central Bank (ECB) for review and harmonisation. It was also be necessary to introduce amendments in the Law on the Bank of Latvia, stipulating the integration of theBank of Latvia into the Eurosystem.
Download: Law on the Procedure for the Introduction of Euro. (PDF, 103.39kb)
