Recommendation for a COUNCIL RECOMMENDATION on the 2020 National Reform Programme of Latvia and delivering a Council opinion on the 2020 Stability Programme of Latvia
Date: 2020-05-20
Institutions: European Commission, Secretariat-General
Subjects: Latvia, economic policy, economic recovery, economic reform, employment policy, epidemic, infectious disease, investment, money laundering, stability pact, stability programme

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   EUROPEAN COMMISSION  Brussels, 20.5.2020  COM(2020) 514 final  Recommendation for a COUNCIL RECOMMENDATION on the 2020 National Reform Programme of Latvia and delivering a Council opinion on the 2020 Stability Programme of Latvia  
 
Recommendation for a 

COUNCIL RECOMMENDATION 

on the 2020 National Reform Programme of Latvia and delivering a Council opinion on 
the 2020 Stability Programme of Latvia 

THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  on  the  Functioning  of  the  European  Union,  and  in  particular 
Articles 121(2) and 148(4) thereof, 

Having regard to Council Regulation (EC) No 1466/97 of 7 July 1997 on the strengthening of 
the  surveillance  of  budgetary  positions  and  the  surveillance  and  coordination  of  economic 
policies1, and in particular Article 5(2) thereof, 

Having regard to the recommendation of the European Commission, 

Having regard to the resolutions of the European Parliament, 

Having regard to the conclusions of the European Council, 

Having regard to the opinion of the Employment Committee, 

Having regard to the opinion of the Economic and Financial Committee, 

Having regard to the opinion of the Social Protection Committee, 

Having regard to the opinion of the Economic Policy Committee, 

Whereas: 

(1) 

(2) 

On  17  December  2019,  the  Commission  adopted  the  Annual  Sustainable  Growth 
Strategy,  marking  the  start  of  the  2020  European  Semester  for  economic  policy 
coordination. It took due account of the European Pillar of Social Rights, proclaimed 
by the European Parliament, the Council and the Commission on 17 November 2017. 
On  17  December  2019,  on  the  basis  of  Regulation  (EU)  No  1176/2011,  the 
Commission  also  adopted  the  Alert  Mechanism  Report,  in  which  it  did  not  identify 
Latvia as one of the Member States for which an in-depth review would be carried out. 
On  the  same  date,  the  Commission  also  adopted  a  recommendation  for  a  Council 
recommendation on the economic policy of the euro area. 
The 2020 country report for  Latvia2  was published on 26 February 2020.  It  assessed 
Latvia’s progress in addressing the country-specific recommendations adopted by the 
Council  on  9  July  20193,  the  follow-up  given  to  the  recommendations  adopted  in 
previous years and Latvia's progress towards its national Europe 2020 targets.  

(3) 

On 11 March 2020, the World Health Organization officially declared the COVID-19 
outbreak  a  global  pandemic.  It  is  a  severe  public  health  emergency  for  citizens, 

1 
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OJ L 209, 2.8.1997, p. 1. 
SWD(2020) 513 final. 
OJ C 301, 5.9.2019, p. 117. 

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societies  and  economies.  It  is  putting  national  health  systems  under  severe  strain, 
disrupting  global  supply  chains,  causing  volatility  in  financial  markets,  triggering 
consumer  demand  shocks  and  having  negative  effects  across  various  sectors.  It  is 
threatening  people’s  jobs,  their  incomes  and  companies’  business.  It  has  delivered  a 
major  economic  shock  that  is  already  having  serious  repercussions  in  the  European 
Union. On 13 March 2020, the Commission adopted a Communication4 calling for a 
coordinated economic response to the crisis, involving all actors at national and Union 
level. 

Several  Member States have declared a state of  emergency or introduced emergency 
measures.  Any  emergency  measures  should  be  strictly  proportionate,  necessary, 
limited in time, and in line with European and international standards. They should be 
subject to democratic oversight and independent judicial review. 

On  20  March  2020,  the  Commission  adopted  a  Communication  on  the  activation  of 
the general escape clause of the Stability and Growth Pact5. The clause, as set out in 
Articles 5(1), 6(3), 9(1) and 10(3) of Regulation  (EC) 1466/97 and Articles 3(5) and 
5(2) of Regulation (EC) 1467/97, facilitates the coordination of budgetary policies in 
times  of  severe  economic  downturn.  In  its  Communication,  the  Commission  shared 
with the Council its view that, given the expected severe economic downturn resulting 
from  the COVID-19 outbreak, the  current  conditions  permit  activation of the clause. 
On  23  March  2020,  the  Ministers  of  Finance  of  the  Member  States  agreed  with  the 
assessment of the Commission. The activation of the general escape clause allows for 
a temporary departure from the adjustment path  towards the medium-term budgetary 
objective,  provided  that  this  does  not  endanger  fiscal  sustainability  in  the  medium 
term. For the corrective arm, the Council may also decide, on a recommendation from 
the Commission,  to  adopt  a revised  fiscal  trajectory. The  general  escape  clause does 
not suspend the procedures of the Stability and Growth Pact. It allows Member States 
to depart from the budgetary requirements that would normally apply while enabling 
the  Commission  and  the  Council  to  undertake  the  necessary  policy  coordination 
measures within the framework of the Pact. 

Continued  action  is  required  to  limit  and  control  the  spread  of  the  pandemic, 
strengthen  the  resilience  of  the  national  health  systems,  mitigate  the  socio-economic 
consequences through supportive measures for business and households and to ensure 
adequate  health  and  safety  conditions  at  the  workplace  with  a  view  to  resuming 
economic  activity.  The  Union  should  fully  use  the  various  tools  at  its  disposal  to 
support  Member  States’  efforts  in  those  areas.  In  parallel,  Member  States  and  the 
Union should work together to prepare the measures necessary to get back to a normal 
functioning of our societies and economies and to sustainable growth, integrating inter 
alia  the  green  transition  and  the  digital  transformation,  and  drawing  all  lessons  from 
the crisis. 

The  COVID-19  crisis  has  highlighted  the  flexibility  that  the  single  market  offers  to 
adapt  to  extraordinary  situations.  However,  in  order  to  ensure  a  swift  and  smooth 
transition to the recovery phase and the free movement of goods, services and workers, 
exceptional  measures that prevent  the single market  from  functioning  normally must 
be removed as soon as they are no longer indispensable. The current crisis has shown 
the need for crisis preparedness plans in the health sector, which include in particular 
improved  purchasing  strategies,  diversified  supply  chains  and  strategic  reserves  of 

(4) 

(5) 

(6) 

(7) 

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COM(2020) 112 final. 
COM(2020) 123 final. 

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(8) 

(9) 

essential  supplies.  They  are  key  elements  for  developing  broader  crisis  preparedness 
plans. 
The  Union  legislator  has  already  amended  the  relevant  legislative  frameworks6  to 
allow  Member  States  to  mobilise  all  unused  resources  from  the  European  Structural 
and  Investment  Funds  so  they  can  address  the  exceptional  effects  of  the  COVID-19 
pandemic. Those amendments will provide additional flexibility, as well as simplified 
and streamlined procedures. To alleviate cash flow pressures, Member States can also 
benefit  from  a  100%  co-financing  rate  from  the  Union  budget  in  the  2020-2021 
accounting year. Latvia is encouraged to make full use of those possibilities to help the 
individuals and sectors most affected by the challenges. 

The  socio-economic  consequences  of  the  pandemic  are  likely  to  be  unevenly 
distributed  across  sectors  and  regions  due  to  different  specialisation  patterns.  This 
entails  a  risk  of  widening  disparities  within  Latvia.  Combined  with  the  risk  of  a 
temporary unravelling of the convergence process between Member States, the current 
situation calls for targeted policy responses. 

(10)  On 30 April 2020, Latvia submitted its 2020 National Reform Programme and its 2020 
Stability  Programme.  In  order  to  take  account  of  their  interlinkages,  the  two 
programmes have been assessed at the same time. 

(11)  Latvia is currently in the preventive arm of the Stability and Growth Pact.  

(12) 

(13) 

In  its  2020  Stability  Programme,  the  government  plans  the  headline  balance  to 
deteriorate  from  a  deficit  of  0,2%  of  GDP  in  2019  to  9,4%  of  GDP  in  2020.  The 
government  deficit  is  projected  to  decline  to  5,0%  in  2021  and  to  2,7%  of  GDP  by 
2023,  under  unchanged  policies.  After  decreasing  to  36,9%  of  GDP  in  2019,  the 
general  government  debt-to-GDP  ratio  is  expected  to  peak  at  around  53%  in  2022, 
based  on  the  2020  Stability  Programme.  The  macroeconomic  and  fiscal  outlook  is 
affected by high uncertainty due to the COVID-19 pandemic. 

In response to the COVID-19 pandemic, and as part of a coordinated Union approach, 
Latvia has  adopted budgetary measures to  increase the capacity of its  health system, 
contain  the  pandemic,  and  provide  relief  to  those  individuals  and  sectors  that  have 
been  particularly  affected.  According  to  the  2020  Stability  Programme,  those 
budgetary  measures  amounted  to  3,0%  of  GDP.  The  measures  include  tax  deferral 
options  for  up  to  3  years,  expanded  coverage  of  State-paid  sick  leave,  support  for 
specific  sectors  and  additional  health  spending.  In  addition,  Latvia  has  adopted 
liquidity  support  to  businesses  through  guarantees  and  loans  amounting  to  3,2%  of 
GDP. Overall, the measures taken by Latvia are in line with the guidelines set out in 
the Commission Communication on a coordinated economic response to the COVID-
19 outbreak. The full implementation of those measures, followed by a refocusing of 
fiscal  policies  towards  achieving  prudent  medium-term  fiscal  positions  when 

6 
Regulation (EU) 2020/460 of the European Parliament and of the Council of 30 March 2020 amending 
Regulations  (EU)  No  1301/2013,  (EU)  No  1303/2013  and  (EU)  No  508/2014  as  regards  specific  measures  to 
mobilise  investments  in  the  healthcare  systems  of  Member  States  and  in  other  sectors  of  their  economies  in 
response to the COVID-19 outbreak (Coronavirus Response Investment Initiative) (OJ L 99, 31.3.2020, p. 5) and 
Regulation  (EU)  2020/558  of  the  European  Parliament  and  of  the  Council  of  23  April  2020  amending 
Regulations  (EU)  No  1301/2013  and  (EU)  No  1303/2013 as  regards  specific  measures  to  provide  exceptional 
flexibility for the use of the European Structural and Investments Funds in response to the COVID-19 outbreak 
(OJ L 130, 24.4.2020, p. 1). 

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economic  conditions  allow,  will  contribute  to  preserving  fiscal  sustainability  in  the 
medium term.  

(14)  Based  on  the  Commission  2020  spring  forecast  under  unchanged  policies,  Latvia’s 
general government balance is forecast at -7,3% of GDP in 2020 and  -4,5% in 2021. 
This  reflects  a  broadly  similar  effect  of  the  stimulus  measures  as  in  the  Stability 
Programme,  but  the  drop  in  employment  is  projected  to  be  lower  and  automatic 
stabilisers  on  the  expenditure  side  are  also  assumed  to  be  lower.  The  general 
government debt ratio is projected to remain below 60% of GDP in 2020 and 2021. 

(15)  On 20 May 2020, the Commission issued a report prepared in accordance with Article 
126(3)  of  the  Treaty  due  to  Latvia’s  projected  breach  of  the  3%  of  GDP  deficit 
threshold in 2020. Overall, the analysis suggests that the deficit criterion as defined in 
the Treaty and in Regulation (EC) No 1467/1997 is  not fulfilled. 

to 

(16)  Latvia declared the state of emergency on 13 March 2020 and extended it until 9 June 
2020. The government limited the movement of persons across Latvia’s borders by air, 
rail  and  sea,  closed  schools  and  universities,  prohibited  all  public  events,  enforced 
social  distancing measures, restricted sales on weekends and promoted digital  public 
services. Considering the improved epidemiological situation, the authorities loosened 
national restrictions as of 12 May 2020 and agreed to reopen borders with Lithuania 
the  Commission  forecast, 
and  Estonia  as  of  15  May  2020.  According 
unemployment  is  expected  to  rise  to  8,6%  in  2020  and  slightly  recover  to  8,3%  in 
2021. The economy is projected to decline by 7% in 2020 with investments and export 
taking  the  largest  hit  amid  declining  foreign  demand  and  growing  uncertainty. 
Employment  is  expected  to  decrease  by  2,5%,  taking  into  account  the  fact  that  the 
negative  impact  on  employment  will  be  considerably  cushioned  by  the  government-
subsidised employee furlough scheme and salary subsidies in export-oriented sectors. 
In response to the crisis, Latvia developed a comprehensive fiscal and economic policy 
response  to  the  crisis.  The  authorities  have  targeted  the  response  in  three  directions: 
(1)  support  to  workers;  (2)  support  to  businesses;  and  (3)  support  to  the  hardest-hit 
economic  sectors.  Labour  policy  measures,  aimed  at  maintaining  employment  and 
strengthening the social safety net include inter alia salary subsidies of up to 75% of a 
person’s gross wage, coverage of sick leave if a worker is diagnosed with COVID-19 
or  in  quarantine,  and  extension  of  unemployment  benefits.  Support  to    businesses, 
facing  temporary  difficulties  has  aimed  to  extend  liquidity  to  viable  firms  and  to 
quickly boost supply of vital goods and services.  

(17)  The COVID-19 outbreak required unprecedented measures to  contain the spread and 
impact  of  the  disease.  COVID-19  amplified  the  structural  weaknesses  in  Latvia’s 
health system, which are directly related to the limited financial and human resources 
available to it and to reforms that are only slowly progressing. Access to quality and 
affordable  healthcare  and  the  effectiveness  of  the  health  system  are  affected  by  low 
public  financing.  This  leads  to  high  self-reported  unmet  needs  for  healthcare, 
significant  out-of-pocket  payments,  especially  for  vulnerable  groups,  as  well  as 
inequality  of  access.  Unhealthy  lifestyles  are  another  important  reason  for  the  poor 
health  outcomes.  In  addition,  health  workforce  shortages  constitute  a  complex 
challenge and hamper the delivery of health services. To boost efficiency and quality 
in healthcare, it is crucial to accelerate the ongoing reforms which remain in an early 
stage  including  effective  prevention  measures,  stronger  primary  care,  a  rationalised 
hospital  sector  and  targeted  quality  management.  The  extent  of  the  impact  of  these 
reforms and the opportunities to improve health outcomes also depend significantly on 
the amount of public financing for health. In order to be able to manage similar crises 

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in  the  future,  it  is  important  to  ensure  investments  into  effective  and  well-resourced 
public  health  measures  to  prevent,  contain  and  mitigate  the  spread  of  infectious 
diseases and to manage their impact on the health system’s performance. Investments 
could aim at providing the necessary equipment, robust e-health services, facilities and 
human  resources  for  healthcare  and  at  ensuring  the  capacity  to  deliver  all  expected 
regular health services alongside care for COVID-19 patients. 

(18)  Latvia  has  taken  measures  to  extend  income  support  for  workers  and  to  avoid 
dismissals during the emergency situation. However, the support is limited in coverage 
and  adequacy,  mainly  because  it  is  dependent  on  social  contribution  payments  and 
restrictive eligibility criteria. The scheme also does not allow for partial idle time. A 
more  gradual  transition  from  income  support  to  work  income  would  allow  for  a 
greater  labour  market  flexibility  during  the  downtime  period  and  the  economic 
recovery.  Continuous  efforts  are  needed  to  improve  the  adequacy,  duration  and 
coverage of the social safety net for all. However, these efforts are constrained by the 
low tax revenue as a share of GDP. Despite some slight improvement, the adequacy of 
the  guaranteed  minimum  income,  of  minimum  pensions  and  of  income  support  for 
persons  with  disabilities  remains  low.  Latvia  has  introduced  the  unemployment  aid 
benefit  for  the  most  vulnerable,  yet  the  unemployed  are  at  a  high  risk  of  poverty, 
particularly when the duration of unemployment increases. Coverage gaps in access to 
social  protection,  including  unemployment  insurance,  for  self-employed  and  non-
standard workers exist and could be tackled. While its share is decreasing, undeclared 
work  and  envelope  wages  remain  widespread,  weakening  affected  workers’  social 
protection and increasing occupational risks. Vulnerable groups are likely to face the 
most  difficulties  in  finding  a  job  again.  The  integration  of  employment,  education, 
health and social services and the provision of social services remains low. The share 
of  people  facing  severe  housing  deprivation  and  that  of  people  facing  overcrowding 
are among the highest in the Union, while social housing is scarce. 

(19)  Providing support to small and medium-sized enterprises to help them quickly develop 
flexible work and teleworking capacities may significantly help mitigate the impact of 
the  crisis.  Low  registration  with  public  employment  services  and  the  low  level  of 
involvement  of  the  unemployed  in  active  labour  market  measures  are  of  particular 
concern.  The  delivery  and  composition  of  active  labour  market  measures  have  to  be 
reinforced  and  adapted  to  reduce  the  duration  of  the  unemployment  spells  and 
facilitate transitions back to work. Equipping people with the right skills is even more 
important  to  improve  the  resilience  of  the  labour  force  in  times  of  an  economic 
downturn.  Effective  and  easily  accessible  adult  learning,  reskilling  and  upskilling 
measures,  together  with  the  provision  of  social  services  and  mobility  support,  could 
provide more people with the skills necessary for the labour market. Digital skills also 
need to be improved as only 43% of Latvians have basic or above basic digital skills. 
The  COVID-19  emergency  also  highlighted  the  need  to  develop  quality  digital 
education  and  training  and  to  ensure  equal  access  to  all  learners.  Strengthening  the 
capacity  of  social  partners  is  also  important  to  ensure  their  meaningful  and  timely 
involvement in the COVID-19 crisis response and recovery.  

(20)  A  sizable  liquidity  support  scheme  was  quickly  set  up  and  deployed  through  the 
national  development  institution,  Altum.  It  has  helped  restructure  loan  repayment 
schedules  for  businesses  and  provided  liquidity  support  through  new  loans.  At  the 
same time, most restructurings of bank loans take place without involvement of state 
guarantees. However, the eligibility conditions for state guarantees are relatively strict. 
As  a  result,  there  is  a  risk  that  smaller  companies  with  weaker  financial  position  or 

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overdue  tax  payments  will  not  receive  support.    Restaurants  and  hotels,  which  are 
among  the  hardest  hit  industries  in  this  crisis,  experience  difficulties  accessing 
liquidity because of their weak collateral and financial position. At the same time, it is 
important to sustain the resilience of the banking sector. 

(21)  To  foster  the  economic  recovery,  it  will  be  important  to  front-load  mature  public 
investment  projects  and  promote  private  investment,  including  through  relevant 
reforms.  Policies  to  support  the  country’s  digital  transformation  and  green  transition 
should take into account the significant regional disparities. Most urban areas in Latvia 
have  excellent  digital  infrastructure,  but  fixed  broadband  coverage  in  rural  areas, 
especially last-mile connections, is low. Continued and strengthened efforts to deploy 
very high-speed broadband will help further improve the digital infrastructure. In order 
to  tackle  the  challenges  posed  by  the  transition  to  a  climate  neutral  economy, 
investments  are  needed  to  diversify  the  economy  and  make  it  more  modern  and 
competitive,  including  by  strengthening  investment  in  research  and  innovation  and 
human  capital  and  to  alleviate  the  socio-economic  costs  of  the  transition.  Latvia’s 
environmental  sustainability  rests  on  making  progress  towards  improved  energy 
efficiency, implementing its National Energy and Climate Plan, including in particular 
in 
transport  and  buildings,  and  mainstreaming  environmental  sustainability 
considerations  in  other  economic  sectors,  notably  in  agriculture  and  forestry. 
Improving  intermodal  transport  infrastructure  within  and  around  Riga  would  both 
facilitate labour mobility and help curb growing energy consumption from passenger 
cars. Furthermore, the Rail Baltica project and the energy interconnection projects are 
Latvia’s  key  investment  priorities  aimed  at  improving  its  safety  and  integration  into 
the single market. Making further investments in renewable energy, in particular wind 
power,  and  promoting  the  transition  to  a  circular  economy  with  significantly  higher 
recycling rates can also improve both environmental and economic outcomes and help 
achieve  climate  change  mitigation  targets.  The  programming  of  the  Just  Transition 
Fund  for  2021-2027  could  help  Latvia  address  some  of  the  challenges  posed  by  the 
transition  to  a  climate  neutral  economy,  in  particular  in  the  territories  covered  by 
Annex D to the country report. This would allow Latvia to make the best use of that 
fund. 

(22)  Latvia  has  significantly  reduced  the  flow  of  risky  money  through  its  banks  and 
overhauled  its  anti-money  laundering  system.  In  particular,  Latvia  banned  the 
servicing  of  non-resident  shell  companies  and  amended  a  number  of  laws.  The 
capacity and capability of key supervisory, financial intelligence and law enforcement 
institutions has been strengthened. While supervision of financial institutions has been 
tightened  considerably,  it  could  be  better  targeted  and  become  more  efficient  with 
improved risk assessment. Moreover, while the capacity and cooperation between law 
enforcement  bodies  has  been  improved,  their  capacity  to  investigate  and  prosecute 
money laundering cases could be further strengthened.  

(23)  While the present recommendations focus on tackling the socio-economic impacts of 
the  pandemic  and  facilitating  the  economic  recovery,  the  2019  country-specific 
recommendations adopted by the Council on 9 July 2019 also covered reforms that are 
structural  challenges.  Those 
essential 
recommendations remain pertinent and will continue to be monitored throughout next 
year’s  European  Semester  annual  cycle.  That  also  applies  to  recommendations 
regarding investment-related economic policies. The latter recommendations should be 
taken  into  account  for  the  strategic  programming  of  cohesion  policy  funding  post-

to  address  medium- 

long-term 

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2020, including for mitigating measures and exit strategies with regard to the current 
crisis. 

(24)  The  European  Semester  provides  the  framework  for  continuous  economic  and 
employment  policy  coordination  in  the  Union,  which  can  contribute  to  a  sustainable 
economy.  Member  States  have  taken  stock  of  progress  regarding United  Nations’ 
Sustainable  Development  Goals  (SDGs)  implementation  in  their  2020  National 
Reform  Programmes.  By  ensuring  the  full  implementation  of  the  recommendations 
below,  Latvia  will  contribute  to  the  progress  towards  the SDGs and  to  the  common 
effort of ensuring competitive sustainability in the Union.  

(25)  Close coordination between economies in the economic and monetary union is key to 
achieve a swift recovery from the economic impact of the COVID-19. Latvia should, 
as  a  Member  State  whose  currency  is  the  euro  –  and  taking  into  account  political 
guidance by the Eurogroup – ensure its policies remain consistent with the euro area 
recommendations and coordinated with those of the other euro area Member States. 

(26) 

In  the  context  of  the  2020  European  Semester,  the  Commission  has  carried  out  a 
comprehensive  analysis  of  Latvia’s  economic  policy  and  published  it  in  the  2020 
country  report.  It  has  also  assessed  the  2020  Stability  Programme  and  the  2020 
National  Reform  Programme  and  the  follow-up  given  to  the  recommendations 
addressed to Latvia in previous years. It has taken into account not only their relevance 
for  sustainable  fiscal  and  socioeconomic  policy  in  Latvia,  but  also  their  compliance 
with  Union  rules  and  guidance,  given  the  need  to  strengthen  the  Union’s  overall 
economic governance by providing Union-level input into future national decisions.  

(27) 

In  the  light  of  that  assessment,  the  Council  has  examined  the  2020  Stability 
Programme and its opinion7 is reflected in particular in recommendation (1) below, 

HEREBY RECOMMENDS that Latvia take action in 2020 and 2021 to: 

1. 

2. 

3. 

In  line  with  the  general  escape  clause,  take  all  necessary  measures  to  effectively 
address the pandemic, sustain the economy and support the ensuing recovery. When 
economic  conditions  allow,  pursue  fiscal  policies  aimed  at  achieving  prudent 
medium-term  fiscal  positions  and  ensuring  debt  sustainability,  while  enhancing 
investment. Strengthen the resilience and accessibility of the health system including 
by providing additional human and financial resources.  

Provide  adequate  income  support  to  the  groups  most  affected  by  the  crisis  and 
strengthen  the  social  safety  net.  Mitigate  the  employment  impact  of  the  crisis, 
including through flexible working arrangements, active labour market measures and 
skills. 

Ensure access to liquidity support by firms and in particular small and medium-sized 
enterprises.  Front-load  mature  public  investment  projects  and  promote  private 
investment  to  foster  the  economic  recovery.  Focus  investment  on  the  green  and 
digital  transition,  in  particular  on  research  and  innovation,  clean  and  efficient 
production and use of energy, sustainable transport and digital infrastructures.  

7 

Under Article 5(2) of Council Regulation (EC) No 1466/97. 

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4. 

Continue progress on the anti-money laundering framework.  

Done at Brussels, 

For the Council 
The President 

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