According to the Latvian Government, Latvia is currently meeting the Maastricht criteria. The European Commissioner for Economic and monetary affairs and the Euro Olli Rehn stated that the Baltic state is having a very good chance to join the euro area in January 2014. Following its dynamic economic development during the past two years Latvia would be the second Baltic state in the eurozone after Estonia, states ahk-balt.org.
The German-Baltic Chamber of Commerce in Estonia, Latvia, Lithuania (AHK Baltic States) supports Latvia’s accession to the euro area, especially considering the positive prospects for the business activities of the high number of German companies in Latvia. It is expected that the common currency will facilitate the economic relations.
“Estonia’s accession to the eurozone has shown well that the companies profit by higher price transparency and the elimination of transaction costs.” specified the Chamber’s President Thomas Schöllkopf. “It is a good sign that Latvia already meets the Maastricht criteria and thus it is ready for the next logical step to a further European Integration.”