Latvia will join the Euro in 2014

Latvia will join the Euro in 2014

In July The economy and finance ministers from the 28 European Union countries gave the final green light to Latvia to join the eurozone on January 1, 2014

Latvia will soon follow Estonia into the euro area. Lithuania aims to join in 2015. In other words, all three Baltic States are now either inside, or well on their way to, the economic and political core of Europe. This is a tribute not only to the determined policy action that all three took in the wake of the financial crisis, but also to their remarkable economic and democratic transition since regaining independence in that dramatic summer of 1991,” Vice-President of the European Commission Olli Rehn said following the decision.

The exchange rate of the lats to the euro set by the Bank of Latvia already in 2005, i.e. 0.702804, has been approved as the irrevocably fixed exchange rate for the euro changeover.

Seventeen of the 28 member states of the EU currently have the euro as their currency.