The European Commission released its Convergence Report 2013 on Latvia that confirms country´s preparedness and a „high degree of sustainable economic convergence with the euro area“. EC stated that Latvia would be ready to adopt the common currency in January 2014.
Latvia has already fulfilled all the required and necessary conditions known as Maastricht criteria. The average inflation rate in Latvia in the last 12 months until April 2013 was 1.3%, well below the reference value of 2.7%. Its government deficit decreased to 1.2% of GDP in 2012 and is projected to remain below the 3% to GDP limit. The general government debt was 40.7% in 2012. Latvia has also participated in the Exchange Rate Mecanism II. Since May 2005 and its average long-term interest rate over the year until April 2013 was 3.8%, well below the reference value 5.5%.
ECOFIN Council will decide on the adoption of the euro in Latvia in July, after the European Parliament has given its opinion, euro area Finance Ministers have given a recommendation and EU leaders have discussed the subject at the European Council meeting on 27-28 June.
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