Draghi welcomes Latvia in eurozone and predicts low inflation

European Central Bank President Mario Draghi has congratulated Latvia on joining the eurozone whilst predicting a prolonged period of low inflation in the eurozone.

"I would like to take this opportunity to welcome Latvia as the eighteenth country to adopt the euro as its currency. Accordingly, Mr Rimsevics, the Governor of Latvijas Banka, became a member of the Governing Council on January 1, 2014," said Draghi.

Draghi also predicted a prolonged period of low inflation in the eurozone and vowed to maintain an accommodative stance of monetary policy for as long as necessary.

"Inflation expectations for the euro area over the medium to long term are firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2 percent. Such a constellation continues to suggest that we may experience a prolonged period of low inflation, to be followed by a gradual upward movement towards inflation rates below, but close to, 2 percent later on," explained Draghi.

As reported, the European Central Bank decided Thursday to leave its key rate at 0.25 percent.