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EU president says Latvia will feel economic benefits after euro switch

  • 2014-01-10
  • From wire reports, RIGA

European Commission President Jose Manuel Barroso has praised Latvia's journey towards joining the eurozone and added the move would bring economic benefits to the country

''I would like to tip my hat to the Latvian people,'' Barroso told reporters on Jan. 10.

"Dombrovskis retained his faith in the euro during tough times. Latvia must continue to work on facilitating growth, as well as share its experience with the rest of the European Union. Latvia, in joining the eurozone, has not only introduced the European single currency, but also has ensured that there will be economic and political benefits for this process.

He added: "The European Union is not only an economic bloc, but is also united by solidarity principles and the desire to ensure peace throughout the continent,''

Meanwhile, European Council President Herman Van Rompuy, who was also present, pointed out that Latvia's successful transition to the euro had happened thanks to Latvia's responsibility and Dombrovskis' leadership during the preparation process.

Van Rompuy added that the euro will give Latvia both political and economic benefits.

''Latvia belongs to the core of Europe, where it must always remain,'' the European Council president emphasized.

In turn, Dombrovskis told members of the press that the transition has gone smoothly so far, with no major problems and little inconvenience for residents.

Van Rompuy and Barroso are in Riga to participate in an event dedicated to the introduction of the euro in Latvia and meet with Dombrovskis, the State Chancellery, reports LETA.

Van Rompuy, Barroso and Dombrovskis will discuss matters related to the establishment of the bloc's banking union, strengthening the European Economic and Monetary Union, preparations for the 2014 European Parliament election, the European Commission's tasks and Latvia's preparations for the presidency of the Council of the European Union.

European Commissioner for Economic and Monetary Affairs Olli Rehn and other high-ranking officials from Latvia and abroad will also take part in the event.