Latvian Government Backs Euro-Adoption Application, BNS Reports

Latvia will apply tomorrow to the European Union for permission to adopt the euro next year after the government confirmed the country meets all legal and economic criteria, the Baltic News Service reported.

A formal assessment of the application from the European Commission and European Central Bank will probably be made in late June, Finance Minister Andris Vilks said today after a Cabinet meeting in Riga, according to BNS.

Given that pending decision, as well as a subsequent need for political approval by leaders of EU members, Latvia can’t relax its preparations to adopt the common currency on Jan. 1, 2014, Prime Minister Valdis Dombrovskis told reporters, the newswire reported.

To contact the reporter on this story: Bryan Bradley in Vilnius at bbradley13@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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