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Saturday 19.08.2017 | Name days: Melānija, Imanta
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European finance ministers support the adoption of euro in Latvia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUOn June 20, European finance ministers decided to support Latvia’s adoption of euro in January 2014.

“We have concluded that Latvia is ready to adopt the euro on January 1, 2014,” EU Economic and Monetary Affairs Commissioner Olli Rehn told a news conference.

“Latvia’s desire to adopt the euro is a sign of confidence in our common currency. Those who predicted a disintegration of the euro were simply wrong,” Rehn said.

“Latvia’s experience shows that a country can successfully overcome macroeconomic imbalances, however severe, and emerge stronger from the crisis with a solid recovery,” Rehn added.

BNN previously reported that the European Parliament (EP) decided to support Latvia in its endeavour to join the united monetary union, as stated in the draft of EP’s report. It is stated in the documents that the EP joins the European Commission and the European Central Bank in the endorsement for Latvia to adopt euro in 2014.

This 11-page document written by German deputy Burkhard Balz states the position of the European Parliament and the general situation in Latvia, Latvian Radion reports.

The report clearly states that the EP recognizes Latvia’s right and readiness to join Eurozone. Even though the ECB has concerns about Latvia’s economy, the EP believes current issues will not halt the adoption of euro in the country. The parliament also encourages Latvia to keep to a stable economic and financial course, as well as reduce unemployment and carry out reforms in education.

This report will be reviewed by the EP Economic and Monetary Affairs Committee. The final vote will be held during the parliament’s July session in Strasbourg.

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