Latvia welcomed to eurozone as of January 1, 2014

Latvia has complied with the established criteria for the admission to the eurozone in 2014, the European Commission and the European Central Bank said in a report released on Wednesday. Thus, another technical step has been taken in favor of Latvia's admission into the euro group. This resolution was expected because a principle decision on Latvia's admission to the eurozone had been adopted at the EU summit last December. Now, the Economics and Financial Affairs Council (ECOFIN) is to approve Latvia's accession to the eurozone at its session scheduled in Brussels for July 9. Latvia is the 18th country in succession to join the eurozone. The European Commission has expressed hope that by the moment Latvia joins the eurozone the monetary union will be able to overcome the recession which continues since last autumn.