Latvia is ready to join the Eurozone

Finnish European Affairs and Foreign Trade Minister Alexander Stubb stated that anytime is a good time for Latvia to join the Eurozone. He believes that Latvia can join the Eurozone, despite the current crisis within the monetary union.
According to Stubb, Latvia is already benefiting from the euro, because many national currencies, whether they are pegged to the euro or not, are under the umbrella of sorts. Stubb expressed confidence that Latvia will gain similar benefits as Finland gained joining the Eurozone low interest rates, reduction in unemployment etc. He said that, looking forward, this is the right time for Latvia to join the Eurozone.

Stubb is not the only one who thinks so. Mark Griffiths, the head of the International Monetary Fund's (IMF) mission in Latvia, is optimistic about the impact of Eurozone problems on the economy of Latvia. He pointed out that Latvia's economy is not only connected with Eurozone countries, but also with Nordic countries, Russia and Commonwealth of Independent States (CIS) countries. Moreover, Latvia does not have close economic relations with Spain, Greece and other remote Eurozone countries. At the same time, Germany, Poland and northern Europe have not experienced any particular economic issues.
Griffiths admits that Latvia's economy is not large and will always be tied up with other countries, however, there are several things that Latvia can do itself, including structural reforms, health insurance and education quality improvements, fight against corruption. All of this can be done regardless of the rest of the world, improving the country's economy, says Griffiths.
He emphasizes that the introduction of the euro must remain Latvia's priority, since Eurozone issues will be solved sooner or later.

WEB devoloper - Artis Zelmenis