The Baltic country would [like to] become the 18th member of the eurozone and the first new country to join since neighboring Estonia joined the currency club in 2011.
The Latvian economy is one of the few success stories in the EU, growing by 5.2 percent in 2012, according to the European Commission’s Winter Forecast making it the fastest growing economy in the EU. With a budget deficit of 1.5 percent and net government debt standing at 42 percent of GDP, Latvia comfortably passes the test posed by the Stability and Growth Pact (SGP).
IImars Rimsevics, the Governor of Latvia’s central bank, commented that “by not being in the eurozone in 2008, Latvia unfortunately had to go through quite a deep and severe economic and financial crisis.”
Public opinion is currently divided on whether to adopt the single currency. Rimsevics conceded that around 30 percent were in favor of euro membership compared to 33 percent against. He said that the government was “determined to increase support to 50 percent by summer this year.”
Meanwhile, Burkhard Balz, the German center-right deputy tasked with drafting Parliament’s opinion, said that Latvia’s response to the crisis—consisting of harsh spending cuts—sets an “exceptionally good example for everyone.”
-euobserver.com, 26 February 2013
In this case, “the government knows best” is applicable. Why? Because they usually have all the facts and figures at their disposal. So why is there so much opposition to the European currency—the euro? Mainly because of millennia old culture and traditions. Those ancient European nations can document an amazing and often precisely detailed history. Therefore, to give up one’s own currency is perceived as losing one’s identity. To explain the process of currency change, is extremely difficult to the general public. One European Union member, the UK, who opted out on Eurozone participation, has paid dearly. The British pound has lost 30 percent against the euro, and financial experts reason it’s only the beginning.
Based on our understanding of Bible prophecy, a united currency is a must, but eventually will lead to a world currency, which in the final days will cause total control of all people on planet Earth to be implemented.
(For more on this subject, read Preparing for the Mark of the Beast, Item 1061.)