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

''Latvia is on the right track. We hope that Latvia will be able to join the eurozone next year. We are also awaiting reports from the European Central Bank and the European Commission, and we would gladly accept Latvia as a eurozone member,'' Reynders told members of the press after a meeting with Latvian Foreign Minister Edgars Rinkevics.

Asked to give advice on how Latvian politicians might be able to convince residents to be in favor of the euro, Reynders said that, first of all, it is important for residents to understand that a balanced budget is necessary for any country. At the same time, he said that it is also important to explain to residents that there is not a crises within the eurozone, but only in separate eurozone members.

''Politicians must be able to explain that becoming a eurozone member means progress, but countries must also be capable of retaining their competitiveness. The goal is not just to become a eurozone member, but to retain a high international standard in your country,'' the Belgian foreign minister said. Asked about the concerns of Cypriot non-resident deposits flowing to Latvia, Reynders expressed confidence that this process is being appropriately controlled in Latvia.

The Belgian foreign minister also expressed Belgium's support towards Latvia's desire to join the Organization for Economic Cooperation and Development (OECD).

Meanwhile, the Latvian foreign minister said that Latvia-Belgian relations are very good on all levels. In 2011, mutual trade volumes increased by 64%, and several Belgian companies have been successful in investing in Latvia.

At the same time, Rinkevics pointed out that it is necessary to expand regional cooperation even more in various formats. ''We agreed that it is time to expand the Baltic-Benelux format even more, as well as coordinate some matters with such regional groups as the Nordic and Visegrad groups,'' he said.

''We are interested in Belgium's experience in such regions as Africa, the Middle East and Asia, where our colleagues have much knowledge. Meanwhile, our colleagues are interested in hearing our point of view on what is happening in Eastern Partnership initiative countries, relations with Russia, as well as matters on Central Asia,'' the Latvian foreign minister explained.

As reported, Reynders arrived on a working visit to Latvia.

Earlier, the Belgian foreign minister read a lecture on the euro called ''Euro introduction and accession to the Eurozone: Challenges and opportunities – the Belgian perspective'' at the Riga Stockholm School of Economics.

Minister Reynders has served as Belgium's foreign minister since December 6, 2011. From 1999 to 2011, he also served as the Belgian finance minister. In 2001, he was the president of the ''Eurogroup'' and thus a key eyewitness on the introduction and the development of the European single currency.