The Governor of the Bank of Latvia, Ilmars Rimsevics, called on the Latvian government to be "strategic and resolute" Tuesday, in order to speed the country's aim of adopting the euro as its currency.

Speaking to an audience of bankers and businessmen in the Latvian capital, Riga, Rimsevics bemoaned the fact that rapid economic growth in recent years had created a situation in which "many seemed to succumb to the euphoria of the moment, forgetting our long term commitments and strategic goals."

Latvia originally intended to replace its lats with the euro in 2008 but narrowly failed to meet the necessary Maastricht convergence criteria on inflation, which subsequently soared.

Now the central bank boss sees 2012-13 as the earliest possible date for Latvia to join the eurozone.

"We have failed to strike a balance between buoyant economic growth and stable maroeconomic environment. With an over-excessive focus on one sector, the policy-makers have neglected the other," he said.

"I can only hope that we do not repeat our mistakes," Rimsevics said, clearly directing his comments at the Latvian government as much as delegates at the conference.

"Today once again we face the option of either letting things slide or, once and for all, taking and resolutely implementing responsible decisions that would lead to economic stability and subsequent introduction of the euro."