In 2021, the Governor of Latvijas Banka participated in the work of the Governing Council and the General Council of the ECB, namely, in the formulation of the Eurosystem's monetary policy and decision-making related to the tasks of the Eurosystem and the ESCB.

A representative of Latvijas Banka, in cooperation with the FCMC, participated in the work of the Supervisory Board of the ECB, ensuring the fulfilment of the ECB tasks relating to the supervision of credit institutions and preparing the respective draft decisions to be submitted to the Governing Council of the ECB according to the non-objection procedure.

Representatives of Latvijas Banka participated in the Eurosystem/ ESCB committees and working groups, addressing issues pertaining to monetary policy, market operations, financial stability, payment systems, euro banknotes, statistics, international relations, communication and accounting, as well issues in other areas. The working groups of different levels addressed issues in the relevant fields of sustainability and climate, central bank digital currency, innovative technologies, data processing platforms, as well as other issues.

Participation of Latvijas Banka in the Eurosystem and the European System of Central Banks

Experts of Latvijas Banka also participated in committees and working groups of the Council of the EU and the EC. Sitting on the EFC and its subcommittees, representatives of Latvijas Banka regularly participated in the preparation of decisions concerning the economic development and financial stability of the EU, the development of the EU economic policy strategy and improvement of crisis instruments with a particular focus on EU-level measures to overcome the crisis caused by the Covid-19 pandemic, on facilitating economic sustainability and sustainable development, taking account of the opportunities and challenges resulting from both digitalisation and climate change.

Representatives of Latvijas Banka participated in the EC and Eurostat working groups addressing issues related to euro coins, economic forecasting and statistics.

In 2021, Latvijas Banka participated in the work of the ESRB which made decisions on the issues related to the EU macroprudential policy. Representatives of Latvijas Banka also engaged in the work of the Advisory Technical Committee of the ESRB and its working groups.

With the FCMC's consent, a representative of Latvijas Banka also participated in the work of the Board of Supervisors of the EBA whose general objective is to maintain financial stability and to safeguard the integrity, efficiency and orderly functioning of the banking sector.