Latvia’s finance minister has made a staunch defence of its decision to join the euro on January 1, arguing that Russia’s recent pressure on Ukraine showed the benefits of its being bound to Europe.
The Baltic state’s move to become the 18th member of the still-distressed currency union is largely opposed by the public but the government argues that it is much more than a financial matter.
Andris Vilks, the finance minister, said the recent events in Ukraine, which decided at the last minute to turn down an integration agreement with the EU in favour of closer ties with Russia, demonstrated why the Baltic state of 2m people is joining the euro.
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