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''I have previously emphasized that this decision is not a goal in and of itself, nor a solution to old problems. Latvia is only just on its way in its goal of achieving the average EU standard of living within the next ten years. We will have to continue to put in hard work to achieve this, and the euro is only an instrument for our businesses to become more competitive, as well as to improve the competitiveness of the whole country. The most important thing we must achieve is for our standard of living to improve, and for this to be felt by all of the country's residents, not just a portion of the public,'' the president said.

The Presidential Press Service informed LETA that, according to the president, Latvia's road towards the euro has lasted ten years, but that the most serious steps towards achieving this goal were taken during the past five years. ''It is important to point out that the crisis has made us wiser and we are taking our fiscal policies more seriously. Thanks to the reforms that have been initiated, we have been able to put our financial system in order and our entrepreneurs have been able to replan their business activities and thus continue their development,'' the president said.

At the same time, the president emphasized that Latvia's eurozone membership will give the country more opportunities to influence the processes within the eurozone, and Latvia will also have equal rights to express its point of view on current matters. ''It is no secret that the eurozone itself still has much work to do to overcome the aftermath of the crisis, and more importantly – make sure nothing like this ever happens again.''

As reported, during the Economic and Financial Affairs Council (ECOFIN) meeting in Brussels, European Union finance ministers made the final decision to allow Latvia to join the eurozone.

The Council also adopted regulations setting a permanent conversion rate for the Latvian lats against the euro and adapting certain technical provisions on the euro.

The conversion rate was set at 0.702804 Latvian lats to one euro.