Latvia to use euros

Latvia is now the 18th country to join the euro currency union. The country will have to go through an official review with Eurozone finance ministers in July. They will be expected to start use of the currency on Jan. 1, 2014.

The euro currency union is currently dealing with a crisis because of government debt, unemployment and the recession. Latvia’s willingness to use the currency has excited the EU’s officials about the currency’s future. The EU’s top monetary official, Olli Rehn, said Latvia’s wish to use the euro was “further evidence that those who predicted the disintegration of the euro were wrong.”