Latvia could be the next country to adopt the euro, with the nation's prime minister saying on his website that the Baltic State is poised to make the transition in 2014.
In an interview last week at the European People's Party congress in Bucharest, Valdis Dombrovskis stated: "We still plan to join the eurozone on January 1st 2014."
He added that according to the Bank of Latvia, as of September 2012 the country has met almost all the required criteria to join the single currency.
Latvia was the first nation in the European Union to receive a bailout and to implement harsh austerity measures and it has now become one of the region's fastest-growing economies.
Mr Dombrovskis believes that taking on the euro will help the country attract foreign investors and ease transaction tax on its businesses.
At 11:30 BST, the euro was 0.1 per cent lower in forex trading versus the dollar to €1 buying $1.303.
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