The Bank of Latvia in the European System of Central Banks and Institutions of the European Union

With Latvia's accession to the European Union the Bank of Latvia (BoL) became a member of the European System of Central Banks (ESCB). The Governor of the Bank of Latvia participates in the ECB General Council meetings on a regular basis. The representatives of the Bank of Latvia participate in 12 ESCB's committees and the Human Resources Conference, as well as more than 30 working groups, dealing with issues related to monetary policy, banking supervision, euro banknotes, statistics, accounting, market operations, payment systems, international relations etc.

The Bank of Latvia's experts also participate in several committees and working groups of the Council of the EU and the EC. Working in the Economic and Financial Committee and its sub-committees, representatives of the Bank of Latvia regularly participate in decision-making concerning the economic and financial development of the EU, discuss the EU economic policy strategy and instruments, preparation of countries for the introduction of the euro, relations with third countries, and policies of international financial institutions. The Bank of Latvia's experts participate in the EC and Eurostat working groups addressing issues related to euro coins, payment systems, economic forecasting and statistics.

In cooperation with other governmental institutions and the representatives of the private sector, the Bank of Latvia prepares for participation in the Economic and Monetary Union and the introduction of the euro in Latvia, participating in the development of the National Changeover Plan of the Euro Implementation.

Cooperation with the International Monetary Fund
The Bank of Latvia represents Latvia at the meetings of the IMF Board of Governors as well as on a day to day basis.

Cooperation with other international institutions and foreign central banks
The Bank of Latvia cooperates with the Bank for International Settlements, the World Bank and other international financial institutions. The Bank of Latvia's experts actively exchange experience and information with foreign central banks, including technical assistance in the areas of the Bank of Latvia's functions.