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Latvia passes one hurdle on way to joining eurozone
BRUSSELS, June 6 () -- The European Commission says it has endorsed Latvia's application to join the eurozone.In a statement, the commission said Latvia had "achieved a high degree of sustainable economic convergence with the euro area." "Latvia's experience shows that a country can successfully overcome macroeconomic imbalances, however severe, and emerge stronger," said Olli Rehn, commission vice-president responsible for Economic and Monetary Affairs."Following the deep recession of 2008-2009, Latvia took decisive policy action, supported by the European Union-International Monetary Fund financial assistance program," Rehn said."And this paid off: Latvia is forecast to be the fastest-growing economy in the EU this year," he said.The commission's ECOFIN Council will make the final determination on Latvia's eligibility, which is scheduled for discussion in July. First,[url=http://www.pradaoutletuks.co.uk]prada shoes men[/url], Latvia's eligibility will be discussed by the European Parliament, by EU leaders at a June 27-28 summit meeting and by eurozone finance ministers, who will issue their own recommendations, as well, the commission said in a statement released Wednesday.