Analytics, Economics, EU – Baltic States, Financial Services, Latvia

"In the beginning, we will request the convergence report, which will be followed by a lengthy and complicated procedure. Latvia will take a decision on adopting the euro after requesting the report at the beginning of next year," said the premier.

In the last six months before the introduction of the euro, it will be too late to worry about all aspects, which is why very much is being done already now, writes LETA.

Communication with society about Latvia's move to the eurozone is highly important, therefore a campaign will be organized to inform the public about the economic advantages of introduction of the euro and how it will influence people's everyday lives. "Society has to understand why we are doing this," said Dombrovskis.

He also mentioned that 71% of Estonia's residents approved of Estonia's transition to the euro.

According to the eurozone accession procedure, the European Commission and the European Central Bank will evaluate if Latvia meets the convergence criteria in April of 2013. The convergence report will be analyzed until May and, if the report is approved, the Economic and Financial Affairs Council (ECOFIN) in May will invite Latvia to join the euro area. After that, the European Council in June will make a political decision on inviting Latvia to join the eurozone. And, finally, in July the ECOFIN will make the final decision on Latvia's accession to the eurozone and set the lat-euro exchange rate.

As reported, the public information campaign on the introduction of the euro will cost LVL 1.4 million.

Latvia's goal is to introduce the euro by January 1, 2014.