Latvia prepares to join eurozone at worst possible moment - Emsis

  • 2012-06-04

RIGA - Taking into account that the European Union is currently beset with chaos due to uncontrolled euro monitoring, Latvia's accession to the eurozone is at the worst possible moment, while the Bank of Latvia acts as if the country's is already part of the euro area, former politician and project consultant Indulis Emsis (Greens/Farmers) pointed out in an interview with

"Latvia prepares to join the eurozone at the worst possible moment. Euro advantages are beginning to fade, while euro shortcomings are manifesting themselves. If the crisis had not taken over several countries in southern Europe, the answer would be positive. However, the introduction of the euro was not consistent throughout Europe. The euro was adopted without establishing a joint monitoring and regulation mechanism. Each country that joined the euro area, could act relatively freely. This led to complete chaos, with no end in sight," said Emsis.

The situation in Latvia is quite peculiar, since the Bank of Latvia acts as if the country is already part of the eurozone, explained Emsis.

"The Bank of Latvia has never used the instrument of the lat's sovereignty to overcome the crisis and create at least some kind of survival advantages for local businessmen. Latvia's currency is pegged to the euro, however, this freedom is not used. If the central bank does not intend to change its policy, then we are basically already in the eurozone and our official accession will change nothing and will be a mere formality. However, if the euro collapses, I hope that there will be a new and different Europe. Perhaps we will make it in time and become part of it," said Emsis.