Prime Minister Valdis Dombrovskis, Minister for Finance Andris Vilks and President of the Bank of Latvia Ilmārs Rimšēvics will sign a letter requesting the extraordinary Convergence Report to the European Commission (EC) and the European Central Bank (ECB), State Chancellery reports.

The event will take place on Monday, March 4, at 11.30 AM, in the Library of the Cabinet of Ministers.

Requesting the Convergence report is a step towards Latvia's accession to the eurozone. The final decision on Latvia's readiness to join the eurozone will be made by the European Council.

The Maastricht criteria stipulate that the state budget deficit must not exceed 3% of gross domestic product (GDP), the total government debt must not exceed 60% of GDP, the inflation rate must not exceed 1.5 percentage points compared to three EU countries with the lowest inflation rate and government securities' long-term interest rate must not exceed two percentage points compared to the average of three EU countries with the lowest inflation long term interest rates.

Photo: State Chancellery
Latvian Institute, 01.03.2013, Economy