European Central Bank Executive Board Member Asmussen recently stated that Latvia has demonstrated that the fiscal adjustments implemented by the country can promote economic growth.
“Latvia shows that if you want to make your country’s economy more flexible and enhance its competitiveness, you can adjust the economy within the Eurozone,” Asmussen said, alongside Latvian Prime Minister Valdis Dombrovskis.
Dombrovskis pointed out that after joining the European Union in 2004, a large influx of capital into Latvia led to rising inflation. However, he stated that the country has taken the necessary fiscal adjustments to restore financial stability, thus enabling it to resume economic growth. Latvia will join the Eurozone early next year.
Source: Ministry of Commerce website
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