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.
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