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Finance Minister Andris Vilks said the country would seek the opinion it needs on its readiness to adopt the euro from the European Commission and the European Central Bank next year. "It seems to be January or February at the latest", he said. "The decision should come late June or early July", he added, referring to when EU governments would decide whether Latvia can join the bloc in 2014.
In a taste of what Latvia might expect, European Central Bank policymaker Erkii Liikanen said it was not enough for Latvia to meet the various economic criteria to adopt the euro. "Long-term sustainability and institutions would be the focus now", Liikanen said at a Latvian central bank conference.
The quality of institutions, which normally refers to a country's legal and political framework, was very important in the eurozone, which was something Finland also found when it adopted the currency, Liikanen said.