ECB approves proposed Latvian central bank reforms
Law gives Latvian government power to dismiss governors found guilty of gross misconduct
The European Central Bank has largely approved a draft Latvian law on the country’s central bank, the latest measure prompted by a series of scandals.
The draft law will give Latvia’s lawmakers the power to dismiss governors if they have been found to breach the law governing eurozone central banks. It also obliges the government to start the process of putting the country’s market regulator under central bank control.
The Latvian government’s reform efforts were prompted by several major
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