Lettland har sedan 1 januari i år infört euron som valuta, missa inte denna välskrivna analys om utvecklingen i artikeln THE EUROZONE CLUB: PART I.
Today the small Eastern European country of Latvia joins the eurozone.
1 January 2014 marks the second time Latvia is losing its currency, the lats, to an outside entity. The first happened back in 1940; then, the nation turned over its old lats to the Soviets and their ruble, at par. Unwillingly. Along with the rest of their sovereignty. After the Cold War, in 1992, Latvia finally reinstated the lats, as the Russian tanks were moving out.
Today, it surrenders its money to the European euro, at a rate of 0.702804 lats to 1 euro. The question of willingness this time is up for debate.
The following article intends to take a hard look at this and a variety of issues surrounding the euro.