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Draghi Musters ECB Gathering in Shadows of a Latvian Scandal

  • Governing Council holds meeting and dinner in Frankfurt
  • Latvian governor Rimsevics is being investigated for bribery
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Bloomberg’s Paul Gordon reports on the detention of Ilmars Rimsevic and what it may mean for the ECB. Source: Bloomberg
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European Central Bank policy makers will get their first chance on Wednesday to hear directly on the outsized crisis emanating from one of their smallest member states.

Latvia -- 0.2 percent of the euro-area economy and 0.6 percent of the bloc’s population -- is the week’s hot topic as ECB President Mario Draghi chairs one of the Governing Council’s regular meetings in Frankfurt. The detention on bribery allegations of the nation’s central-bank governor, Ilmars Rimsevics, isn’t on the formal agenda, according to a euro-area official who asked not to be identified. But it’s guaranteed to be a talking point, at least over dinner.