Address https://gelex.eu/eli/EU/decision/2009/592@2009-07-13/en

Contents

1. Preamble
2. 1. Article 1
   2. Article 2
   3. Article 3

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community,

Having regard to Council Regulation (EC) No 332/2002 of 18 February 2002 establishing a facility providing medium-term financial assistance for Member States balances of payments and in particular Article 5, second subparagraph, in conjunction with Article 8 thereof,

Having regard to the proposal from the Commission made after consulting the Economic and Financial Committee (EFC),

Whereas:

(1) By Decision 2009/289/EC, the Council decided to grant mutual assistance to Latvia. By Decision 2009/290/EC, the Council decided to provide medium-term financial assistance for Latvia.

(2) The scope and intensity of the financial crisis affecting Latvia calls for a revision of the economic policy conditions foreseen for the disbursement of the instalments of the Community financial assistance with a view to taking into account the fiscal effects entailed by the significant reduction of the GDP.

(3) Decision 2009/290/EC should therefore be amended accordingly,

HAS ADOPTED THIS DECISION:

Article 1

Decision 2009/290/EC is hereby amended as follows:

1. Article 3(5)(a) shall be replaced by the following:

(a) implementation of a clearly-set medium-term fiscal programme so as to bring the general government deficit below the Treaty reference value of 3 % of GDP with a timeframe and consolidation path consistent with the Council recommendation(s) to Latvia adopted under the excessive deficit procedure;;

2. Article 3(5)(b) shall be replaced by the following:

(b) implementation of the budget for 2009 and adoption of the budget for 2010 with sustainable measures consistent with the consolidation path;.

Article 2

This Decision is addressed to the Republic of Latvia.

Article 3

This Decision shall be published in the Official Journal of the European Union.

Done at Brussels, 13 July 2009. For the Council The President E. Erlandsson

Versions

1. 2009-07-13

Cited by

• Council Recommendation of 12 July 2011 on the National Reform Programme 2011 of Latvia and delivering a Council opinion on the updated Convergence Programme of Latvia, 2011-2014 2011/C 215/03 Notice · Grade B

  On 20 January 2009, the Council adopted Decision 2009/290/EC to make available to Latvia medium-term financial assistance for a period of three years under the provisions of Article 143 of the Treaty. The accompanying Memorandum of Understanding signed on 28 January 2009 and its successive supplements lay down the economic policy conditions on the basis of which the financial assistance is disbursed. Decision 2009/290/EC was amended on 13 July 2009 by Council Decision 2009/592/EC. The last supplement to the Memorandum of Understanding was signed in June 2011.

• Council Recommendation of 12 July 2011 on the National Reform Programme 2011 of Latvia and delivering a Council opinion on the updated Convergence Programme of Latvia, 2011-2014 2011/C 215/03 Notice · Grade B

  HEREBY RECOMMENDS that Latvia: Implement the measures laid down in Decision 2009/290/EC, as amended by Decision 2009/592/EC, and further specified in the Memorandum of Understanding of 20 January 2009 and its subsequent supplements, in particular the last supplement of 7 June 2011. Done at Brussels, 12 July 2011. For the Council The President J. Vincent-Rostowski