Fabian Demicoli

Latvia to adopt the euro


The European
Council has adopted a decision allowing Latvia to adopt the euro as its
currency as of 1 January 2014. this decision will extend the euro area to 18
member states and gives Latvia almost 6 months to prepare for the changeover.

The
Council also adopted regulations setting a permanent conversion rate for the
Latvian lats against the euro, and adapting certain technical provisions on the
euro.

The
conversion rate is set at 0.702804 Latvian lats to one euro, which corresponds
to the current central rate of the lats in the EU's exchange rate mechanism
(ERMM II).

The
decision was taken at a meeting of the Economic and Financial Affairs
Council.  In the light of reports from
the commission and the European Central Bank, the European Council welcomes the
fact that Latvia had fulfilled all the convergence criteria set out in the EU
Treaty and the Commission's proposal for it to join the euro.

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