European finance ministers ready to welcome Latvia into euro, despite economic problems

Bourne finance panel is already wary of pension-liability reporting

The Baltic state has won approval to become the 18th European Union country to use the euro from the EU’s executive Commission. Finance ministers are expected to give their assent in Brussels on Tuesday. Finance ministers brushed aside the idea that it might be difficult to enlarge the eurozone while the region struggles to support cash-strapped members, like Greece and Portugal. Irish Finance Minister Michael Noonan called Latvia’s adoption of the euro along with Croatia’s recent joining of the EU “absolutely amazing when you pull back from the day-to-day workings of the crisis.” Latvia will start using the euro at the start of 2014.

Finance panel chairman Michele Ford said she would discuss the issue with Town Administrator Thomas Guerino. Guerino, Finance Director Linda Marzelli and selectmen have been routinely advised about how annual audits in the near future will carry post-employment totals as an accounting measure. This is a formal change in upcoming audits. Such pension-accounting impacts have not been included in year-ending financial reporting that scrutinizes and announces the towns overall fiscal condition.


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