This article talks about Latvia possibly becoming the 18th member of the European union after they formally applied to join the euro in 2014. This move had been anticipated and it came after Latvia met the required financial criteria. The country also states that it has met the five requirements to gain entry into the euro zone , which include levels of debt, deficit, inflation, long-term interest rates and having a stable peg to the euro. The decision on whether or not their request would be accepted would be decided in June by the European Commission and the European Central Bank
The country did suffer a deep recession in the financial crisis but recovered from it as it received an international bailout and also the huge spending cuts which were put in place by the Prime Minister Valdis Dombrovskis.Now Latvia is one of the fast growing economies in the EU. This move is met with a lot of opposition as many don't want a single currency.
http://www.bbc.co.uk/news/business-21656254
The country did suffer a deep recession in the financial crisis but recovered from it as it received an international bailout and also the huge spending cuts which were put in place by the Prime Minister Valdis Dombrovskis.Now Latvia is one of the fast growing economies in the EU. This move is met with a lot of opposition as many don't want a single currency.
http://www.bbc.co.uk/news/business-21656254
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