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Sunday 20.08.2017 | Name days: Bernhards, Boriss
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Prime Minister: Euro introduction is first priority; joining Eurozone comes second

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Valdis Dombrovskis

Latvia will make its decision about joining Eurozone in 2013, after requesting a convergence report from the EU, said Prime Minister Valdis Dombrovskis in an interview to 900 seconds of LNT. He also noted that thinking about all aspects of Euro introduction would be too late in the last six months. This is why much is being prepared even now.

«First of all, we need to request a convergence report. After that, there will be a long a tough procedure. Latvia will make a decision on introducing Euro after requesting this report in the beginning of the year,»- said Prime Minister.

The Prime Minister admits that communicating with the people is essential in this question. Therefore, there will be an information campaign on economic gains from adopting Euro and how this will affect society’s day-to-day. «Society needs to understand why all this is being done,»- said Dombrovskis.

He also said that 71% of Estonians are satisfied with their country being part of the Eurozone.

It should be noted that Prime Minister Valdis Dombrovskis’ work is recognized by nearly half of Latvian residents (43.9%), according to the August survey of Latvijas Fakti market and social research agency.

The procedure of introducing Euro provides for the assessment of the convergence Latvia’s national economy by the European Commission (EC) and the European Central Bank (ECB) in 2013. The convergence report will be assessed until May. In June, however, in the event of a positive assessment, the EU Economic and Finance Council will invite Latvia to join Eurozone. After the invitation, the European Council (EC) will make a political decision about the offer and will set an appropriate currency exchange rate – LVL to EUR.

It was previously reported that Euro introduction communication campaign is planned to be allocated 1.4 million LVL. Half of this amount is planned to be taken from the EC grant for Euro communication measures. The Finance Ministry needs to sign an agreement with the EC about the organization of the Euro introduction information and communication campaign until January 2013.

Latvia plans to start introducing Euro from 2014.

Ref: 104.109.109.3423


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