Latvia to Join the Euro Soon




27 Feb 2013


Brussels, Belgium



Shots of the city of Riga (Latvia), people in the streets, walking etc.
Interview with Krišjānis Kariņš Latvian MEP

'Well what we're looking for is increased trade and increased investment. Right now for investment into Latvia there is a theoretical currency risk, would the government devalue or not devalue the currency, we have not done that of course but it's always at least a theoretical risk. By adopting the euro we take away this one layer of uncertainty.'

Shot of Krišjānis Kariņš Latvian MEP during the debate, sitting, flicking through pages.
Interview with Krišjānis Kariņš Latvian MEP

'We have done everything to bring our public finances into order. We have done everything to give that stable foundation for the economic growth and we are seeing this economic growth.'

Cutaways from Latvia, people in the streets.
Interview with Krišjānis Kariņš Latvian MEP

'The basis is our society. Our society is thankfully understood the situation, understood that the stake coffers were empty, understood very well that you cannot spend money you don't have without jeopardising the future generations, so it was a consensus in the entire society that we had only one choice, which is to tighten our belts.'

Cutaways of the city, people sitting, shot of the European flag.
Interview shot of Prime Minister Valdis Dombrovskis.
Interview with Krišjānis Kariņš Latvian MEP

'His campaign (Prime Minister Valdis Dombrovskis) promise was it's going to be very tough but we're going to go through this together. And the people believed him and in the midst of the austerity, when things were looking actually quite grim, our Party, and he, was re-elected with a very comfortable margin. He is continuing to lead the government and he is still the most popular politician in our country.'

'Quite simply, I think that all the Eurozone countries need to do what we did. There seems to be no alternative, there's no replacement for bringing public finances into order. You simply cannot run a long-term deficit without upsetting the markets, without causing unnecessary high interest rates. You need to keep all of that down. You do that, you have a solid foundation and you can build the house on top of that.'

Cutaways from the meeting in the European Parliament. Shot of the audience, Ambassadors of Latvia to the EU and Latvian Minister of Finance- Andris Vilks while speaking.
Interview with the Latvian Minister of Finance Andris Vilks.

'We are meeting already since September all Maastricht criterions and we are ready to join because it's so important for small and open economies to be under, so-called Euro umbrella.'

Cutaways of the euro coins.

Interview with the Latvian Minister of Finance Andris Vilks.

'We love this and we still very much love this currency. But we are not so maybe pessimistic because in one euro and two euro coins there will be our element of the national symbol and it would seem like a Lat like e are using at this moment. I think that's very important to keep very close relationship from the Lat to the Euro.'

Shot of the EPP Group Coordinator on Economic and Monetary Affairs, Jean-Paul Gauzès from the meeting in the European Parliament.
Interview with the EPP Group Coordinator on Economic and Monetary Affairs, Jean-Paul Gauzès (in French).

'Je pense que la Lettonie est prête et qu'elle est surtout très bien préparée. Le peuple letton a été aussi très courageux ce qui fait que l'entrée dans l'euro doit être a la fois une récompense et une chance pour l'avenir.'

'I think Latvia is ready and in particular is very well prepared. The Latvian people have also been very courageous, which means entry into the euro should be both a reward and an opportunity for the future.'

Cutaways of the people in the shop paying with euro currency.
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  • Ioannis Zografos
    EPP TV Managing Producer
    +32(0) 2 284 18 45