The European Commission has approved Latvia's entry to the eurozone. The Ministry of Finance representative said that the country will officially become a member on January 1, 2014. In its statement the EC has expressed the concern about the volume of foreign investments in Latvia's banking sector. It has paid special attention to the need for tighter control and measures against the money laundering. The government agencies have been appreciated for introduction of the additional requirements for the banks with large deposits from abroad. Moreover, it emphasized the decrease in maximum amount of liquid assets and the capital level, as well as the reduction of risk posed by the Russian currency movement in the banking system of Latvia. In accordance with the experts, at the beginning of May, the share of foreign capital was 49%, the majority of which (85%) was received from the ex-Soviet countries' citizens.
According to the mass media, the European Union government has no doubt that Latvia's entry to the euro area will contribute to the positive euro image. Despite the Latvians' discontent with the euro introduction, the national currency, the lat, will soon be replaced. The people are disposed negatively to such novelties and remain sceptical about the eurozone membership. The recent survey showed that over 60% of respondents disapproved of the government's decision.
