Latvia’s government has applied to join the eurozone next year.
The Baltic country would become the 18th nation to become part of the single currency zone, which has been mired in crisis for the past four years.
Guntram Wolf, from the Bruegel Institute think-tank, said: “Latvia has made very significant progress in terms of adjusting its economy, getting ahead of the curve, being competitive.”
He added that “the chances are quite good” of the European Commission giving a positive verdict for Latvia to join this year.
The European Central Bank is also involved in making the evaluation, expected to be released in June.
“I think it is a good signal that countries are still interested in joining the eurozone despite all difficulties in the eurozone, I would take it as positive news,” said Wolf.
Latvia’s currency, the lat, has been pegged to the euro since 2005.
Opinion polls say nearly two-thirds of the population are against joining the single currency.
The appetite for adopting the euro has waned across much of eastern Europe after a series of sovereign bailouts that began with Greece in 2009.
Copyright © 2014 euronewsMore about:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International tv news | euronews: European and International tv news bulletin
- 3Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 4Revealed: Europe’s capital cities where it’s hardest to be a foreigner | euronews, world news
- 5European Union News | euronews: latest breaking news and headlines about European Union
- 6Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 7All you need to know about the Ebola virus | euronews, world news
- 8How nasheeds became the soundtrack of jihad | euronews, world news
- 9Where is the best place in Europe for women? | euronews, world news
- 10Sweden becomes first European nation to recognise Palestine | euronews, world news
- 11What to expect in “The World of Ice and Fire,” George R.R. Martin’s new book | euronews, world news
- 12Ebola: Six new suspected cases in Spain | euronews, world news
- 13Learning through “serious games” | euronews, learning world
- 14International breaking news | euronews online world breaking news in video
- 15US says ISIL makes $1 million-a-day selling oil – even to enemies | euronews, world news
- 16International news | euronews, latest international news
- 17Sweden becomes first EU country to recognise the Palestinian State | euronews, world news
- 18Philippe Starck: ‘Words like longevity and legacy have become almost avant-garde’ | euronews, the global conversation
- 19US delivers technical aid to Ukraine but warns over security | euronews, world news
- 20euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass