European Central Bank Executive Board member Asmussen recently stated that Latvia has proven that the fiscal adjustments implemented by the country can promote economic growth.
"Latvia has shown that if you want to make your country's economy more flexible and enhance its competitiveness, you can adjust the economy within the Eurozone," said Asmussen, who was accompanied by Latvian Prime Minister Valdis Dombrovskis.
Dombrovskis pointed out that after joining the European Union in 2004, a large amount of capital flowed into Latvia, which led to higher inflation in the country. However, he noted that the country took the necessary fiscal adjustments to restore financial stability, and therefore, the country has the ability to resume economic growth. Latvia will join the Eurozone early next year.
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