Latvia: EUR adoption planned for 1 January 2014 : Update
The Convergence Reports of the European Commission and the European Central Bank (ECB) on Latvia’s readiness for Euro adoption are positive and Latvia is ready to become the 18th member state of the Euro zone.
This is further to our Marketflash LM13007, dated 1 February 2013.
The European Commission has stated that Latvia has met all the criteria for Euro adoption, including price and exchange rate stability, long-term interest rates, government budget deficit (now below 3% of GDP) and government debt to GDP ratio not exceeding 60%.
The European Central Bank (ECB), in its Convergence Report 2013 assessing the economic and legal convergence of Latvia at the request of the Latvian authorities also stated that Latvia was in compliance with the Euro adoption criteria.
The final decision about the Euro adoption in Latvia will be made by the EU finance ministers based on the convergence reports of the European Commission and the ECB and following a debate in the European Parliament and discussions at the EU Council.
The first discussion among the EU finance ministers and a preliminary agreement on the position regarding the Euro adoption in Latvia is planned on 20-21 June 2013.
The discussion in the EU Council is scheduled for 27-28 June 2013 and the European Parliament is expected to adopt the resolution about the Euro adoption in Latvia during the plenary session on 1-4 July 2013.
The EU finance ministers will take the final decision about the Euro adoption in Latvia on 9 July 2013.
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