Ziemeļvalstu privāto banku ietekme uz Latvijas iestāšanās Eiropas Savienībā procesu no 1995. līdz 2004. gadam

Latvia’s accession to the European Union was a multi-level process with many actors involved. Among these actors were also representatives of business community, including the banking sector. Hence, the purpose of this article is to look at the role and influence of Nordic banks on the process of
entry of the Republic of Latvia’s into the European Union between 1995 and 2004. The role of banks using six aspects or criteria for assessing their presence and responsibility has been studied: presence of clear conditions from Nordic banks; significance of the proposed benefits for Latvia; credibility of promises
of Nordic banks; outcompeting Latvian veto players and managing the adjustment costs; intensity of contacts between Nordic banks and Latvian decision-makers, and the latter’s socialisation on the first; as well as trustworthiness of Nordic banks’ principles and ideational fitness with their promoted standards. Based on a broader research, it was concluded that Nordic banking groups Swedbank, SEB and Nordea had a significant impact in fostering the adjustment of the Latvian financial sector to the requirements of
the EU law, as well as general principles and norms, gained through a competitive and highly significant for the Latvian state foreign direct investment.