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Tuesday 18.09.2018 | Name days: Liesma, Elita, Alita
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Latvian MEP: it is not worth joining Eurozone at any cost

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Inese Vaidere

It is important for Latvia to continue its course towards Eurozone, but it is not worth trying to join it at any cost whatsoever, believes Member of the European Parliament (MEP) Inese Vaidere.

«The course towards Eurozone, which means proper arrangement of our economy, a strict fiscal policy, low inflation and small state debt – all this is very important to us, and we should continue progressing in this direction. But we should not try too hard to join Eurozone – we should wait and see if it can take care of itself first,»- says the MEP.

Vaidere thinks that Eurozone needs not only joining mechanism, but regulations on how a member state can leave it as well. «The system is asymmetric is this regard. There should be an exit mechanism,»- the MEP adds.

She also said that there is great need of a properly ordered common economic and budget policy. «It cannot be allowed that the debts of the member states in the united monetary system would vary in the amplitude from 160% from GDP, as it is in Greece, to 6% of GDP, as it is in Estonia. Such disproportions are unacceptable; therefore, there should be an institution that would monitor fiscal policies of other countries.»

Even though the politician is optimistic, at the same time, she does not exclude the possibility that Greece could leave Eurozone. «Greece has rarely operated unsuccessfully. Unlike Spain, which actually tried to organize its finances and perform structural reforms, nothing of the sort happened in Greece. We will see what the government will do, but until now it seemed like there is no desire to organize its economy.»

Vaidere believes that Eurozone leaders understand the importance of the situation very well and they are working in this direction. She mentions the EU growth pact, the European Stability Mechanism and the united direction and closer economic and monetary union as prime examples of this work. At the same time, she is dismissive towards Eurobonds because their introduction would mean giving Greece a shared credit card. «I think this idea would take away the stimulus from problematic countries to carry out structural reforms and create a responsible budget policy.»

Ref: 102.109.109.2390


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