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Friday 18.08.2017 | Name days: Liene, Helēna, Elena, Ellena, Liena

Rimsevics: after Lithuania’s entry, list of Eurozone states will not change for a long time

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUEurozone is not expected to expand for a long time after Lithuania’s joining of the monetary union, admits governor of the Bank of Latvia Ilars Rimsevics.

Before joining Eurozone, it is first necessary to join the Currency Rate Mechanism II . «It is as though a magnetic resonance procedure that allows us to look what the bear or any other country has in its belly and what it is capable of. If a country is capable of demonstrating all indexes and maintaining exchange rate fluctuations over the course of two years, only then is it invited to join Eurozone. Currently no other country has been accepted into the Currency Rate Mechanism II and no other country currently undergoes assessment of financial and economic health,» – explains Rimsevics.

He admits that countries are in wait or have problems that do not allow them to join. In addition to that, it is necessary to wait two years after joining this mechanism before it is possible to join Eurozone. For example, Latvia remained in the Currency Rate Mechanism II for eight years. This is why it is unlikely that the list of 19 Eurozone countries will change in the near future.
Lithuania is set to join Eurozone starting 2015.

Experts of the Bank of Latvia helped their Lithuanian colleagues prepare for euro adoption. «Estonians helped us, and it is now our duty to help Lithuanians,» – said Rimsevics.

Rimsevics believes Lithuania’s membership in Eurozone will greatly benefit Latvia and Baltic States in general. The Baltic Region will become more attractive to investors with a united currency. Baltic States form a larger market together and have similar legislation. The governor of the Bank of Latvia expects the interest for Baltic States and investments in them will grow.

Ref: 102.109.109.0522


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