A statement released by the European Commission on Wednesday said that Latvia had "achieved a high degree of sustainable economic convergence with the euro area" and recommended that the Council of Europe clear the way for Latvia to enter the eurozone on January 1, 2014.
EU Economy Commissioner Olli Rehn praised Latvia for its efforts to combat economic challenges during the global financial crisis and said the country had emerged stronger as a result.
"Following the deep recession of 2008-09, Latvia took decisive policy action […] which improved the flexibility and adjustment capacity of the economy." Rehn said in a statement. "This paid off: Latvia is forecast to be the fastest-growing economy in the EU this year."
The Commission's review of Latvia's application to adopt the euro – which it submitted in March – included checks on inflation, public finances, interest and exchange rates, and legal requirements.
Read more: European Commission approves Latvia as next eurozone member | News | DW.DE | 05.06.2013
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