Almunia praised Latvia for its implementation of the recommendations, saying the country was now on more "stable footing". (Photo by FÃ¡bio Rodrigues Pozzebom/ABr)
RIGA - The European Commission has praised Latvia for the country's "effective" implementation of recommendations the Commission made on dealing with the fallout of the economic crisis.
In an official commendation issued on Jan 27, EC finance head Joaquin Almunia said that Latvia had delivered on its commitments.
"I commend the Latvian coalition government, the Saeima and the society at large for the courage and determination in delivering the efforts necessary to put the country on a more stable footing with the help of the EU and the wider international community... Although not without difficulties, the government and the Parliament have delivered on their commitments, in line with the requirement set by the EU Finance Ministers and the criteria for the Balance of Payments assistance," he said.
The EU finance head also said, however, that the country still had more work ahead to bring the economy in line with the eurozone.
" The effort needs to continue, notably for what concerns further fiscal adjustment and ensuring a stronger and more sustainable economic activity in the future. While the recent budgetary consolidation progress in Latvia is very impressive by any standard there is obviously some way to go to bring the deficit below 3% of GDP to ensure a stable and sustainable environment in the future and with a view to adopt the euro," he said.