The European Commission and the European Central Bank today published the convergence report assessing that Latvia fulfils all the Maastricht criteria and is ready to join the Eurozone from 2014. The fact that Latvia will join the Eurozone is a strong signal of confidence in the common currency and a positive signal to the markets.

"Latvia has overcome the 2008 crisis by working very hard, painfully, but in the end successfully on its budget consolidation. The country is now ready to join the Euro in an exemplary manner. Public debt is currently at 40 percent of GDP which is amongst the best figures in the EU", said Burkhard Balz MEP who is the European Parliament Rapporteur on Latvia’s adoption of the Euro.

"It is a message of hope and trust for this country that has made remarkable efforts to master the crisis, to re-launch growth and fight unemployment, thanks to the citizens that have shown courage and to the clear-sighted reforms led by Valdis Dombrovskis' government", said Jean-Paul Gauzès MEP, EPP Group Coordinator in the Economic and Monetary Affairs Committee of the European Parliament.

Commenting on the report, Latvian MEP Krišjānis Kariņš said: "The convergence report clearly shows that Latvia has put all its economic and fiscal fundamentals in order. Latvia is poised for sustainable economic growth in the future."

The convergence report is an important phase of the procedure which started in early March when Latvia formally asked the European Commission to deliver an extraordinary convergence report with the aim of joining the Euro from 1 January 2014.

Since the assessment is positive, the Commission will make a recommendation to the Council of Ministers. The formal decision paving the way for the adoption of the Euro would be taken at the Council of the Economic and Finance Ministers on 9 July after due consultation of the European Parliament and discussion in the European Council (i.e. among the Heads of State or Government). This would allow Latvia sufficient time for thorough technical preparations for introducing the Euro on 1 January 2014.

Latvia is the second Baltic country to join the Euro after Estonia in 2011.

For further information:

Burkhard BALZ MEP, tel.: +32 (0)2 2845119

Jean-Paul GAUZÈS MEP, tel.: 32 (0)2 2845700

Krišjānis KARIŅŠ MEP, tel.: Phone: +32 (0)2 2845205

Girts Salmgriezis, EPP Group Press and Communications Service, tel.: +32-477800343

Note to Editors

The EPP Group is by far the largest political group in the European Parliament with 269 Members and 3 Croatian Observer Members.