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EU Monetary Affairs Commissioner cautious about Latvia's readiness for Eurozone
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EU Monetary Affairs Commissioner Olli Rehn
The European Commission (EC) is being cautious about its predictions on Latvia’s readiness to join the Eurozone, EU Monetary Affairs Commissioner Olli Rehn admitted in an interview to Latvian Radio.
At the same time, he added that the EC will give its assessment by the end of March or beginning of June, as soon as Latvia’s application is received.
“We should not rush to make conclusions. First, we need to prepare a project for the report. Of course, I know that Latvia’s government will be submitting a request for a convergence report. As soon as it is ready, the EC will prepare its opinion and it will be shared either near the end of May or the beginning of June. This report will contribute to discussions within the Eurogroup. We will be focusing on two aspects, two dimensions. First, the five main criteria stated in the Maastricht Treaty. Second, the criteria on quality (the country’s financial longevity, economic growth and Latvia’s model for economic policy). We will do our jobs and we will share this report with the member states,” – he said.
As it is known, on Tuesday, March 5, Finance Minister Andris Vilks will officially submit Latvia’s request to the EC in Brussels. The EC will be asked to provide a convergence report about Latvia’s readiness to join the Eurozone. This report will then serve as a recommendation to go with the decision of the member states.
BNN previously reported that PM Valdis Dombrovskis, Finance Minister Andris Vilks and the President of the Bank of Latvia Ilmars Rimsevics signed a letter of request on March 4. This letter asks the EC and the European Central Bank to calculate Latvia’s chances of joining the Eurozone.
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If Latvia joins up the euro zone it will be the poorest country in.Already in 2014 the price to pay to rescue the system will be one billion euro from the state budget but your politics do not tell.