In spite of widespread worries among the population that's partly related to Europe's debt crisis, Latvia is on course to joining Europe's troubled single currency zone at the start of 2014 now that Parliament adopted a law on introducing the euro.
Latvia, which became independent from the former Soviet Union in 1991, intends to send a formal request to the European Union next month asking permission to adopt the euro — a request that, if approved, would make it the 18th EU country to use the common currency that over the past few years has been ravaged by a debt crisis that at times has threatened its very future.
Latvia's center-right government believes that becoming a member of the euro bloc will attract investors to the small, open economy that in the years 2008 to 2010 saw economic activity collapse by nearly a quarter — that's on a par with the sort of contraction of Greece's economy in the past few years.
Latvia, which became independent from the former Soviet Union in 1991, intends to send a formal request to the European Union next month asking permission to adopt the euro — a request that, if approved, would make it the 18th EU country to use the common currency that over the past few years has been ravaged by a debt crisis that at times has threatened its very future.
Latvia's center-right government believes that becoming a member of the euro bloc will attract investors to the small, open economy that in the years 2008 to 2010 saw economic activity collapse by nearly a quarter — that's on a par with the sort of contraction of Greece's economy in the past few years.
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