Bloomberg News

Latvian Euro Bid Will Depend on Sustainability, ECB’s Stark Says

October 14, 2011

Oct. 14 (Bloomberg) -- Latvia’s bid to adopt the euro in 2014 will depend on the “sustainability” of the country’s convergence with the monetary union, said European Central Bank Executive Board Member Juergen Stark.

Convergence “is not just a snapshot of what happened in 2012 and 2013, and on this basis to make an assessment whether Latvia can join the euro area in 2014,” Stark said in an interview with Latvijas Radio today. “It is about the sustainability, the durability of convergence.”

“Convergence criteria” have previously been “interpreted in a very laxist way,” he said in the radio interview. The Baltic country should not “discontinue with the reform process, Latvia has already achieved a lot. I can tell you that we at the ECB are full of admiration for what has been done here in this country.”

To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net

To contact the editor responsible for this story: Paul Abelsky at pabelsky@bloomberg.net


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