This week multiple political parties in Latvia announced their prime minister candidates for the upcoming 14th Saeima elections. The Union of Greens and Farmers, knowing full well no one in their right might would ever grant [ex-Mayor of Ventspils] Aivars Lembergs access to official secrets, decided to nominate him as their candidate regardless. This is not the first time this political party has done this.
Data reported by the Central Statistical Bureau of Latvia, meanwhile, indicates that the unemployment level was 5.4% for women and 7.2% for men in June 2022. Compared to June 2021, the unemployment level has declined by 1.5 percentage points.
Meanwhile at least two countries in Europe have experienced reshuffling of their respective governments this week: Estonia composed a new government with PM Kaja Kallas at the helm and Italy’s government with Mario Draghi fell apart following his decision to step down.
BNN gives you a summery of the most relevant events of the past week in the following topics: ZZS curve ball; Labour in Latvia; Interest rate; Business with Russia; Government in Estonia; Government in Italy; Russian gold.
ZZS CURVE BALL
Union of Greens and Farmers picks Aivars Lembergs as PM candidate
Aivars Lembergs. Photo: Paula Čurkste/LETADespite the fact that a court of first instance has declared ex-Mayor of Ventspils Aivars Lembergs guilty of serious crimes of corruption committed against the state, the Union of Greens and Farmers (ZZS) decided to pick him as the political party’s candidate for the post of Prime Minister of Latvia.
Prosecutor Juris Juriss, meanwhile, told BNN that the Prime Minister requires access to official secrets, and it is very unlikely Lembergs could be provided with a permit.
At a press-conference held on 18 July the Union of Greens and Farmers announced that Lembergs will be the party’s PM candidate for the upcoming 14th Saeima elections.
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LABOUR IN LATVIA
Minimal unemployment drop observed in Latvia in June
Photo: PexelsIn June 2022 actual unemployment rate in Latvia constituted 6.3 % and compared to May it has reduced by 0.2 percentage points.
Unemployment rate among females fell by 0.1 percentage points (down to 5.4 %) and among males by 0.3 percentage points (reaching 7.2 %), according to results of the Labour Force Survey conducted by the Central Statistical Bureau of Latvia (CSP).
The unemployment rate registered with the State Employment Agency (NVA) accounted for 5.9 %, and since May it has dropped by 0.2 percentage points. Compared to the June of the year before, both the actual and the registered unemployment rate has gone down by 1.5 percentage points.
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INTEREST RATE
European Central Bank raises interest rate for the first time in 11 years
Photo: AP/SCANPIXOn Thursday, 21 July, the European Central Bank (ECB) raised the base interest rate, making it the first time in the last 11 years.
ECB Council decided during its meeting in Frankfurt to increase the base interest rate by 0.5 percentage points – to 0.5%.
The council also decided to increase overnight deposit rate to 0% and overnight loan rate to 0.75%. Both of these were increased by 0.5 percentage points.
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BUSINESS WITH RUSSIA
Lithuania to consider terminating business ties with Russia
Photo: UnsplashLithuania’s Seimas Committee on National Security and Defence (NSGK) plans to review the initiative on banning business relations with Russia, as confirmed by the committee’s chairman Laurynas Kasčiūnas, as reported by Lithuanian public media LRT.
«We will soon have an NSGK meeting not only on this issue but also on the analysis of Russia’s participation in the market and Russia’s impact on our economy in general, as well as what we can do legislatively to control this impact,» he said.
Raimundas Lopata, a member of the Liberal Movement Group in the Seimas, was the first to propose legally prohibiting business relations with Russia, which Lithuania has declared a terrorist state.
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GOVERNMENT IN ESTONIA
Estonia approves a new government; Kallas remains the prime minister
Kaja Kallas. Photo: REUTERS/SCANPIXEstonia’s new coalition was approved by President Alar Karis on Monday, 18 July. The new government was approved at 15:00 in Estonia’s parliament (Riikogu), as reported by Estonian public media ERR.
This Monday Prime Minister Kaja Kallas and 14 candidates gathered at Kadriorg Palace, where President Alar Karis officially appointed them to their posts.
According to ERR, the coalition consisting of the Reform Party, Isamaa and Social Democratic Party replaced Kallass’ minority government that was appointed in June.
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GOVERNMENT IN ITALY
Italy’s Mario Draghi steps down as PM
Mario Draghi. Photo: AP Photo/SCANPIXItaly’s Prime Minsiter Mario Draghi submitted his resignation on Thursday, 21 July, as reported by the office of Italian President Sergio Mattarella.
President Mattarella accepted Draghi’s resignation and permitted him to remain serving as an interim prime minister.
The announcement does not mention what Mattarella plans to do now.
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RUSSIAN GOLD
European Union imposes embargo on Russian gold
Photo: PixabayAt a meeting held in Brussels on Wednesday, 20 July, EU envoys expanded the sanctions imposed on Moscow for invading Ukraine. Among the new restrictions are the ban on imports of Russian gold and the freezing of Sberbank’s assets.
«The main goal is to align with G7 partners, reinforce the implementation and close the loopholes where necessary,» the Czech government reported on Twitter.
The EU has imposed a total of six packages of sanctions against Russia so far. The last one was adopted in June, and consisted of an embargo on Russian oil.
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BNN summary of the week: Labour in Latvia. ZZS curve ball. Government collapse in Italy
