Publications
Latvian government grants 603 million lats for economy support
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Julija
Varul Vilgerts Smaliukas
On 17 December 2008, the European Commission adopted a Temporary framework for State aid
measures to support access to finance in the current financial and economic crisis („Framework”). This
Framework provides Member States with additional possibilities in the state aid area to tackle the
effects of the credit squeeze on the real economy. It introduces a number of temporary measures
allowing Member States to address the exceptional difficulties of companies, and in particular of small
and medium enterprises, to obtain finance.
These temporary measures are based on Article 87(3)(b) EC Treaty which allows the Commission to
declare compatible with the common market aid "to remedy a serious disturbance in the economy of a
Member State". Member States have to notify the schemes containing these measures, and once the
scheme is approved, they can grant individual aid immediately without further notification.
Jerneva, J. 2009, Latvian government grants 603 million lats for economy support.