BBC News, 9
July 2013
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Stories
Latvia already sells stamps priced in euros and lats |
The
application for membership had earlier been approved by the European Commission
and European Central Bank.
The
exchange rate has been set at 0.702804 lats to one euro, and euro notes and
coins will be issued in Latvia on 1 January, 2014.
Latvia is
keen to strengthen ties with western Europe and reduce its dependency on
Russia.
The country
has met the criteria for euro membership, including low inflation and long-term
interest rates, as well as low public debt.
Latvia
underwent one of Europe's toughest austerity programmes after the 2008-09
financial crisis knocked a fifth off its GDP.
It received
a 7.5bn euro bailout in 2008, but it has now repaid the loans.
"Ecofin
has taken final decision approving Latvia's euro membership from 2014,'' the
EU's current Lithuanian presidency announced via its Twitter account,
As he
entered the Ecofin finance ministers' meeting earlier on Tuesday, Latvian
Finance Minister Andris Vilks said it was a "symbolic day''.
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