Green light for Euro in Latvia

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. Left with few choices, the EU Commission has given crisis-struck countries more time for reform. Now itʼs up to members states, especially France, to use the time to implement reform, says DWʼs Bernd Riegert. 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.”

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