Press Release: Economic and Financial Affairs Council, Brussels, 9 July 2013

Main results of the Council:

The Council adopted country-specific recommendations to the member states on their economic and employment policies, following general endorsement by the European Council, thus concluding this year's European Semester process.

It adopted a decision allowing Latvia to join the euro as from 1 January 2014, and set a permanent conversion rate for the Latvian lats against the euro. The decision will enlarge the euro area to 18 member states.

The Council approved an increase of EUR 7.3 billion in the 2013 EU budget in order to cover outstanding payment needs.

It also approved EUR 46 million of macro-financial assistance for Georgia.

ESO: Background information: Latvia to adopt euro on 1 January 2014 http://www.europeansources.info/record/press-release-latvia-to-adopt-euro-on-1-january-2014/

ESO: Background information: Council issues country-specific recommendations on economic and employment policies http://www.europeansources.info/record/press-release-council-issues-country-specific-recommendations-on-economic-and-employment-policies/

ESO: Background information: Vice-President Rehn's remarks at the ECOFIN http://www.europeansources.info/record/speech-vice-president-rehns-remarks-at-the-ecofin-4/

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