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Titarenko, Deniss

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Delfi - Latvia | 09/10/2012

Deniss Titarenko on why the euro makes sense for Latvia

The countries that joined the EU in 2004 committed themselves to introducing the euro. But since the currency has been in crisis, many states have doubts about whether they should join. Economist Deniss Titarenko of the National Bank of Latvia explains on the news portal Delfi why introducing the common currency makes sense: "Greater stability for banks means greater stability for credit transactions. Membership in the Eurozone means greater investor confidence. More possibilities for allocating loans will improve conditions for businesses. A growing economy, in turn, improves the prospects for banks. ... After Eurozone accession the banks would have higher expenditures, primarily because of payments into various guaranty funds, while revenues from exchange rate fluctuations would drop off. Nonetheless the advantage for banks, as well as for all of Latvian society, would increase due to the greater financial stability. ... All told, like our accession to the EU in 2004, joining the the Eurozone will open up many new opportunities for us. How successfully we use them will largely depend on us."

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