International Financial Management
Latvia has gone a long way ever since its entrance into the EU in 2004 to adopt the Euro, and even back then the fixed currency exchanges and the crediting in Euros was already a hedge against accession of Euro as a currency hitting the economy badly, judging in overall Euro should have been adopted a long time ago however due to financial instability and world financial crisis this has been postponed several times which gave Latvia some time to get used to the new norms that were required to be met for Euro adoption.
Finally since as mentioned in the first part Latvia is a more a services provider rather than commodities producer and trader then Euro accession eliminates losses met by companies operating with financial funds through international banks which is always a burden when currencies differ and therefore the transactions need to be secured by 3rd party International Banks.
To summarize all of the above said, the Euro was supposed to be adopted some time ago which would cause a more essential negative impact rather than it will with the adoption in 2014 (the country had 10 years to prepare, going through financial turmoil that hit the entire world), so an earlier accession would definitely not be beneficial, a postponement would also not be considered a good idea since the country is already operating with EU standards meant to benefit Eurozone participants, not being one Latvia is subjected to overcome barriers created by differences in currencies when doing international trade.
- European Union, International Trade
- International Financial Management
Management Information Systems for Planning and Control in Multinational Companies
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