A representative of Latvijas Banka, in cooperation with the Financial and Capital Market Commission, participated in the work of the Supervisory Board of the ECB, ensuring the fulfilment of 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 financial accounting, as well as in other areas. The working groups of different levels addressed issues in several new areas, such as sustainability and climate, central bank digital currency, innovative technologies, data processing platforms and 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 European Commission. Participating in the meetings of the Economic and Financial Committee and its sub-committees, representatives of Latvijas Banka regularly took part in the preparation of decisions concerning the economic development and financial stability of the EU with a particular focus on EU-level measures related to the energy and economic problems caused by the Covid-19 pandemic, on overcoming the crisis triggered by Russia’s invasion of Ukraine, as well as on promoting economic resilience and sustainable development, taking into account the opportunities and challenges resulting from both digitalisation and climate change.

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

In 2022, Latvijas Banka participated in the work of the European Systemic Risk Board, which made decisions on issues related to macroprudential policy in the EU, in the work of the Advisory Technical Committee of Specialists of the European Systemic Risk Board and in its working groups.

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

Operational areas