Latvia's Step Toward the Eurozone

Latvia came one step closer to becoming the 18th member of the eurozone June 5 after the European Commission gave its approval to the Baltic country. Although additional support from EU governments and the EU Parliament is needed, Riga is expected to join the eurozone in January 2014. This will open a new chapter for Latvia's economy, which was battered by the early stages of the international financial crisis but is now the fastest-growing economy in the European Union.

The Latvian government is committed to joining the eurozone, but the decision is highly controversial because most Latvians are against it. However, Riga sees eurozone membership as another step in its strategy to align with Western Europe and mitigate Russia's influence within the country.