Latvia to join euro next year

<p>Latvia has got the green light to join the eurozone.</p>

Latvia is set to join the eurozone next year and will also adopt the euro in 2014.

The Baltic state will become the 18th member of the eurozone next summer after its membership bid won the approval of the European Commission.

Latvia will start using the euro from the beginning of next year and officials pointed to previous claims the eurozone would collapse because of the debt crisis.

EU Economic and Monetary Affairs Commissioner Olli Rehn explained it is a positive sign for the state of the eurozone that Latvia has been so keen to sign up to use the single currency.

"Those who predicted a disintegration of the euro…were simply wrong," Mr Rehn told a news conference held today (June 5th).

Earlier this week, chairman of the European Central Bank Mario Draghi, in a speech prepared for the International Monetary Conference in Shanghai, insisted that the eurozone's economic recovery is on the right track.

This is despite the fact much of the continent remains in recession in the wake of the global financial downturn.

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