The 17-nation Eurozone will welcome a new member to its club on New Year’s Day when Latvia joins the single currency bloc.
The move to adopt the Euro in Latvia has been met with a lot of resentment from the Latvian people who are rightly concerned that their country could become embroiled in the Euro crisis and see prices soar and see Latvia having to give money to help pay off other members debts.
Opponents to the currency outnumber supporters by two to one in the country as expectations for price hikes mount ahead of the New Year.
“While we have our own currency, we are independent. But when we lose that, we’ll lose our autonomy,” said a middle-aged woman in a n interview with the BBC.
Around 83% of the Latvian population fear that by adopting the Euro unwanted price rises will be triggered. The government on the other hand is claiming that by adopting the Euro Latvia will see an influx on investment and a boost to its economy.
“I am convinced that Latvia will reinforce the line of strong and stability orientated countries in the Euro area. That will help Europe to stick to its reform course,” said Germany’s Finance Minister Wolfgang Schaeuble.
Adoption of the Euro will see Latvia edged further away from Russia which held the territory for much of the 20th century.
New Years Day will see the Euro become Latvia’s seventh currency in a century joins the ranks of Hitler’s Reichsmark, Stalin’s Rouble, the Latvian Ruble and the soon to be replaced Lats. Only time will tell if the Euro will prove a success in the country and Latvians will praying that there will not be a repeat of the Euro crisis.
Euro (EUR) Exchange Rates
As of 09:45 am GMT
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3770
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8326
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.5443
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6772
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.4654
The Euro/ Japanese Yen Rate Exchange Rate is currently in the region of: 144.5800
The Euro/Swiss Franc Exchange Rate is currently in the region of: 1.2255
The Pound Sterling/ Euro Exchange Rate is currently in the region of: 1.2007
The US Dollar/Euro Exchange Rate is currently in the region of: 0.7261
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6476
The New Zealand Dollar/Euro Exchange Rate is currently in the region of: 0.5961
The Canadian Dollar/Euro Exchange Rate is currently in the region of: 0.6824
Swiss Franc/Euro Exchange Rate is currently in the region of: 0.8159
