EU admits Latvia into Eurozone
With this decision, Latvia became the 18th member of the Eurozone since January 1, 2014.
On July 9, at a meeting in Brussels, Belgium, the Council of Finance and Economic Ministers of 28 European Union (EU) countries adopted the final decision on Latvia's admission to the Eurozone. With this decision, Latvia has become the 18th member of the Eurozone since January 1, 2014.
Speaking at the meeting, Latvian Finance Minister Andris Vilks said that joining the Eurozone would bring many positive economic prospects for the country.
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Latvia's entry into the eurozone has been welcomed by many European figures, who see it as evidence of the appeal of the single currency despite the crisis.
Dutch Finance Minister Jeroen Dijsselbloem said that Latvia's accession to the eurozone was the result of the government's efforts to reform its economy and finances: "Latvia has done a good job in economic and financial reforms. In addition, the country has met the economic conditions and fully implemented the requirements. Therefore, I welcome Latvia's accession to the eurozone."
Latvia escaped the 2008-2009 crisis and became the fastest growing economy in the European Union (EU) with GDP increasing by more than 5% per year in 2011 and 2012./.
According to VOV - DT
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